COLUMBIA, S.C. – Governor McMaster today lent his support to the Trump Administration’s tax reform proposal, the “Tax Cuts and Jobs Act.”
Governor McMaster said, “For too long, our tax code has been overcomplicated and uncompetitive, placing an outsized burden on business while perplexing the average American. This is a rare opportunity to fix a broken system, putting money back in taxpayers’ pockets and encouraging more companies to invest, expand, hire and profit. It’s a win for South Carolina.”
Additionally, the governor supports the U.S. House Ways and Means Committee's decision today to restore the adoption tax credit, which had been eliminated in the initial version of the plan.
The Tax Cuts and Jobs Act will:
- Simplify the tax code by reducing the number of tax brackets and more broadly distributing the burden among South Carolina taxpayers;
- Lower the corporate tax rate, incentivizing job growth in South Carolina and throughout the country;
- Increase the standard deduction by nearly double, lowering the tax liability for the vast majority of South Carolinians who do not itemize;
- Eliminate the “Death Tax,” which allows the government to confiscate property and redistribute the earnings of hardworking Americans;
- Increase the Child Tax Credit, reducing the financial burden on parents and families.
An analysis by the Tax Foundation, a non-partisan Washington, D.C.-based think tank, found that the Tax Cuts and Jobs Act would result in 13,850 additional jobs in South Carolina over a 10-year period, and an average gain of $2,391 in after-tax income for middle-income families in the Palmetto State.
The governor is urging members of the South Carolina congressional delegation to support this important legislation.