The Washington Post yesterday posted an editorial opposing the repeal of the Affordable Care Act’s medical device tax, on the grounds that it would constitute “caving in to special interests.”
That view of the...
Today, South Carolina Governor Mark Sanford announced a sweeping tax reform proposal that would vastly improve the state's business tax climate. The proposal has several planks:
All in all, this sounds like a very effective plan for improving South Carolina's business tax climate. It embodies the Tax Foundation's five principles of sound tax policy: simplicity, stability, neutrality, transparency, and growth-promotion.
Indeed, I entered the proposed changes into our State Business Tax Climate Index model, and found that if South Carolina adopted the plan today as fully phased in (i.e., with no tax on corporate income) the state would move from #25 to #6 on the Index, placing just behind Florida and ahead of all other states in the South. That would be a sea change (the opposite of the kind Maryland recently had) and make the state much more attractive for business investment from a tax perspective.
We'll keep you posted as Sanford tries to get the plan through South Carolina's sometimes-hostile legislature.
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That view of the...
This post originally appeared as a Forbes op-ed here.
Ohio tax policy needs a lot of work, and Governor John Kasich talks about it a lot. The state ranks 44th in the Tax Foundation’s State Business Tax Climate...