An income tax plan touted by state GOP leaders as making South Carolina more competitive will cut taxes for many while requiring others to pay more.
The proposal released with much fanfare in the Statehouse lobby would collapse all tax brackets to a single, flat 3.99% starting Jan. 1 for tax year 2026 — meaning taxpayers may not realize it until they file their taxes in spring 2027.
That would seem to be a huge cut from this year’s top tax rate of 6.2%, and that’s the goal.
Republicans have long complained the state’s top marginal rate makes South Carolina appear as the highest-taxed state in the Southeast, even while the effective rate — what tax filers actually pay — was among the lowest.
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