South Carolina one of 15 states cutting taxes

The new year rang in tax changes for South Carolinians.  According to the Department of Revenue, the state this year is cutting its top individual income tax rate from 6.5% to 6.4%.  And South Carolina, subject to what are called revenue triggers, intends to cut it further to 6%.  Manish Bhatt, a policy analyst at the Tax Foundation, concedes, however, “Whether and how this trend continues is yet to be seen, but evidence from the past three years indicates that many states understand and value the importance of creating and maintaining a stable, pro-growth and competitive tax code.