A new state House ad hoc committee announced this week will try to find ways to overhaul South Carolina’s tax laws.
House Speaker Jay Lucas announced the new House Tax Policy Review Committee on Tuesday. The 14-member bipartisan committee is tasked with reviewing South Carolina’s income, sales and property taxes. Lucas hopes to make the tax code “broader” and “flatter” — which conservatives usually say when they hope to eliminate deductions and exemptions in favor of a lower overall tax rate.
“Our outdated tax code needs a dramatic transformation in order to promote economic competitiveness and increase the size of our citizens’ paychecks,” Lucas said in a statement announcing the new committee. “Achieving this difficult task is long overdue, but necessary to ensure our tax code is fair for our taxpayers. A broader and flatter tax code will help continue to spur job growth and provide greater opportunities for South Carolina families.”
The committee will present its recommendations prior to the start of next year’s session in January. [Read more…]