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The Republicans in the South Carolina House are preparing a significant reform plan that will vastly improve the state's tax system. Although details are sketchy, the plan will broaden the sales tax base by eliminating two thirds of the exemptions and lower the rate by half a percentage. All remaining sales tax exemptions would be re evaluated every five years. More importantly, the GOP proposes to phase out the state corporate income tax. I cannot emphasize enough how ridiculous it is for states to try to tax corporate profits. It does not work and at least someone (the GOP in South Carolina) is willing to stop pretending that it does...
View TaxAnalysts'® David Brunori's opinion in its entirety on TAX.com.
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