Tax Policy Center (TPC) today released their analysis of Senator Marco Rubio’s tax plan. Overall, their findings are similar to those of a Tax Foundation analysis released a year ago.
Tax Foundation in March 2015...
The facts on South Carolina’s Tax Climate
South Carolina's Individual Income Tax System
South Carolina's personal income tax system consists of five brackets and a top rate of 7%. That rate ranks 12th highest among states levying an individual income tax. South Carolina's state and local income tax collections per person were $659 in 2012 which ranked 16th lowest nationally.
50-State Table of Individual Income Tax Rates
50-State Table of State Individual Income Tax Collections
50-State Table of State and Local Individual Income Tax Collections Per Capita
South Carolina's Corporate Income Tax System
South Carolina's corporate income tax system consists of a flat rate of 5%. That rate ranks 12th lowest among states levying a corporate income tax. South Carolina's state and local corporate income tax collections per person were $54 in 2012 which ranked 6th lowest nationally.
50-State Table of Corporate Income Tax Rates
50-State Table of State and Local Corporate Income Tax Collections Per Capita
50-State Table of State Corporate Income Tax Collections Per Capita
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 1.13%. South Carolina's state and local governments collect $702 per person in general sales taxes and $330 per person in excise taxes, for a combined figure of $1032, which ranks 7th lowest nationally. South Carolina's gasoline tax stands at 16.8¢ (3rd lowest nationally), while its cigarette tax stands at $0.57 (10th lowest nationally.)
50-State Table of State and Local General and Selective Sales Tax Collections Per Capita
South Carolina Property Tax Collections Average
South Carolina's state and local governments collected approximately $1039 per person in property taxes in 2012, which ranks 18th lowest nationally.
State and local property tax collections per capita by state
Tax Freedom Day is the day when Americans finally have earned enough money to pay off their total tax bill for the year. In 2014, South Carolina taxpayers worked until April 9th (8th earliest nationally) to pay their total tax bill. The Tax Freedom Days of neighboring states are: North Carolina, April 14th (ranked 23rd earliest nationally); Georgia, April 12th (ranked 17th earliest nationally); and Florida, April 15th (ranked 25th latest nationally).
South Carolina's 2011 tax burden of 8.3% ranks 9th lowest out of 50 states, and is below the national average of 9.8%. South Carolina's taxpayers pay $2784 per capita in state and local taxes.
South Carolina's State-Local Tax Burden, 1977-Present
Other States' State/Local Tax Burdens
Map of U.S. Showing all State's Burdens and Ranks
Historical Chart Comparing All States' State/Local Tax Burdens from 1977 to 2009
South Carolina ranks 37th in the Tax Foundation's State Business Tax Climate Index. The Index compares the states in five areas of taxation that impact business: corporate taxes, individual income taxes, sales taxes, unemployment insurance taxes, and taxes on property, including residential and commercial property. The ranks of neighboring states are as follows: North Carolina, 16th, Georgia, 36th, and Florida, 5th.
State Business Tax Climate Index (full study)
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Tax Foundation in March 2015...
The Cleveland income tax (which stacks on top of the Ohio state income tax) has stood at 2 percent for 34 years. Cleveland City Council President Kevin Kelley—with backing from the mayor and some other council members—...