The SC tax model was developed by the University of South Carolina Darla Moore School of Business.
“For the first time we have in one place all of the various components of taxation in South Carolina with the opportunity for citizens and others to manipulate different rates or bases that they might consider,” says Dean Hildy Teegen.
State Comptroller General Richard Eckstrom welcomes the new calculator which he says will give policy-makers more certainty.
“I have a feeling that there is a lot of back-of-the-envelope type calculations. I’ve not seen any real modeling that exists,” says Eckstrom.
He says what state analysts have now is “nowhere near to the level of what this tool will allow the state to do.”
Dean Teegen says the project tool more than a year and was privately funded and created with data from two state tax agencies, the Department of Revenue and the Board of Economic Advisors, and kept up-to-date.
Teegen says, “We hope to elevate the level of date and dialogue to focus really on the substance of policy changes recommended and to enable those decision-makers through taking the math part out of it for them.”