On July 14th, the IRS held a public hearing for the debt-equity rule (section 385 of the IRS code) that the Treasury Department proposed last April. The hearing, which had as many as 16 speakers from various industries,...
The facts on South Carolina’s Tax Climate
7%Individual Income TaxTop rate
5%Corporate Income TaxFlat rate
$1077Property Tax CollectionsPer Capita
South Carolina's Individual Income Tax System
South Carolina's individual income tax system consists of six brackets with a top rate of 7%. The top rate ranks 12th highest among states levying an individual income tax. South Carolina's state and local tax collections per person were $704 in 2013, which ranked 36th highest nationally.
South Carolina's Corporate Income Tax System
South Carolina's corporate income tax system consists of a flat rate of 5%. That rate ranks 39th highest among states levying a corporate income tax. South Carolina's state and local corporate income tax collections per person were $81 in 2013 which ranked 40th highest nationally.
South Carolina Sales and Excise Taxes
South Carolina levies a 6% general sales or use tax on consumers, which is above the national median of 5.95%. The average local sales tax rate is an additional 1.2%. South Carolina's state and local governments collect $749 per person in general sales taxes and $321 per person in excise taxes, for a combined figure of $1,070, which ranks 45th highest nationally. South Carolina's gasoline tax stands at 16.75 cents per gallon, 48th highest nationally, while its cigarette tax stands at $0.57, 43rd highest nationally.
South Carolina Property Tax Collections Average
South Carolina's state and local governments collected approximately $1077 per person in property taxes in 2013, which ranks 31st nationally.
Tax Freedom Day Arrives on April 11th in South Carolina
Tax Freedom Day is the day when Americans have finally earned enough money to pay off their total tax bill for the year. In 2016, South Carolina taxpayers have to work until April 11th (8th earliest nationally) to pay their total tax bill.
South Carolina's State and Local Tax Burden Ranks 42nd
South Carolina's 2012 tax burden of 8.4% ranks 42nd highest in the nation, and is below the national average of 9.9%. South Carolina's taxpayers pay $2,936 per capita in state and local taxes.
South Carolina's State-Local Tax Burden, 1977-Present
South Carolina's 2016 Business Tax Climate Index Ranks 36th
South Carolina ranks 36th on the Tax Foundation's State Business Tax Climate Index. The Index compares the states in five areas of taxation that impact business: corporate taxes (16th), individual income taxes (41st), sales taxes (19th), unemployment insurance taxes (35th), and taxes on property (25th), including residential and commercial property.
State Business Tax Climate Index (full study)
South Carolina Info
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