How Fair is South Carolina’s Tax System?
A recent survey by WalletHub, a website that helps consumers and small businesses to make better financial decisions, found South Carolina’s tax system to be the third fairest in the nation. While it’s nice to be complimented, two tax experts say the survey may be stretching a bit, and not considering certain factors. S.C. Department of Revenue Executive Director Rick Reames says the state has the highest individual income tax in the South. According to University of South Carolina business professor Donna Schmitt, there is room for improvement, such as eliminating some of the many small taxes that don’t produce much revenue and can streamline the system by their removal. However, says tax accountant Jeff Nates, South Carolina’s tax system is very good to senior citizens, and there aren’t a lot of deductions, features which do make the state’s system fairer.