Nothing kills economic prosperity quicker than raising taxes. As governor, I vetoed the largest tax increase in state history and cut taxes by double digits on small business owners.
The recent tax reform bill signed by President Trump was a great victory for the American taxpayers and for our economy. Companies have already begun announcing reinvestment and raises for employees. Now, it is more important than ever that we do our part. My tax plan will provide relief for hardworking South Carolinians in the form of:
- A 1% rate reduction over five years for all personal income tax brackets, which will result in $2.2 billion in taxpayer savings through the course of implementation.
- An immediate and full retirement income exemption for military veterans and first responders, including retired state and federal law enforcement, firefighters and peace officers.
I also recently signed a tax conformity bill that will allow South Carolinians to enjoy the full benefits of the federal tax cuts.
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