11/20/2014 4:14:13 PM
COLUMBIA – Americans for Prosperity (AFP) South Carolina released a study today that examined the economic impact of eliminating the state personal income tax and the business personal property tax on machinery and equipment. The study, commissioned by AFP and performed by economics professors Russell Sobel, Ph.D. (The Citadel) and Robert Salvino, Ph.D. (Coastal Carolina University), found that eliminating both of these onerous taxes would create 63,680 new jobs by 2019, generate $702.5 million in capital investment and would save the average South Carolina household $2,385 each year. To read the full study, click HERE.
“If we want to make South Carolina a better place to live, work and raise a family, our leaders need to eliminate the onerous income tax and tax on capital investment,” stated Americans for Prosperity South Carolina state director Dave Schwartz. “This study is a blueprint for creating jobs, growing small businesses and making life better for all South Carolinians. Over the coming weeks and months, we will be making sure the citizens of South Carolina understand the benefits of these findings.”
TOPLINES - Eliminating the state personal income tax would:
- Create 61,000 new, private sector jobs by 2019
- Save average South Carolina household $2,200 each year
- Generate jobs at a lower revenue cost than some current government policies
Americans for Prosperity South Carolina has previously endorsed Sen. Katrina Shealy’s (R-23) income tax reform bill, and will do so again this year. The Beacon Hill Institute is responsible for the dynamic modeling and forecasting used for this economic impact study. Their methodology can be found HERE.