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Sweetheart Business Deals Bad For South Carolina | THE JEENYUS CORNER




Rather than build a competitive climate that promotes job growth, income growth and expanding consumerism, South Carolina’s leaders have opted instead to spend increasing sums of money on taxpayer-funded incentives – which are basically bribes paid to companies in exchange for locating here.  In fact the Palmetto State’s investment in “targeted tax credits“ has soared from $34 million annually in 1998 to more than $1 billion a year in 2010.

Does this policy work?

Of course not … in fact there’s a whole lost decade’s worth of data to prove it.

These bribes don’t work because they shift the state’s tax burden – and they are notoriously secretive, which is a recipe for disaster in a state as corrupt and secretive as South Carolina.  Unfortunately, our state’s reliance on these giveaways has continued to expand under S.C. Gov. Nikki Haley, who campaigned as a small business backer but has chosen to govern as a crony capitalist instead.

This website has repeated argued that instead of doling out taxpayer-funded incentives, our state’s leaders should instead reduce our top marginal income tax rate – which currently stands at 7 percent (and kicks in as soon as you earn $14,000).

As you can see from the map below, South Carolina has one of the highest tax rates in the nation – and it kicks in at a very low income level (meaning everybody has to pay it).  Effectively, we have the highest income tax rate in the Southeast …

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