COLUMBIA, S.C. (AP) A proposal by Republican leaders in the South Carolina House to cut income taxes starting next year is on its way to the House floor.
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Republican leaders in the South Carolina House appear ready to tackle cutting income taxes in the state before this year's General Assembly session ends in May. A House subcommittee plans to pass a bill cutting the state's top income tax rate from 7% to 6% over five years in time to be considered along with the budget later this month. The cut would cost about $750 million when fully in effect. Republicans and Democrats want to talk taxes. The question may be whether some lawmakers only want to cut income taxes as part of a broader effort to reform all kinds of taxes.