Gov. Mark Sanford has proposed eliminating the corporate income tax and would pay for it with tax breaks given to spur certain industries and research.
In addition, Sanford said the state should create an alternate, flat income tax rate ”” 3.65 percent ”” funded by a 30-cent increase in the state’s lowest-in-the-nation cigarette tax. Sanford has also asked for a panel to study the inequities in business property taxes.
The proposals, unveiled in Greer on Tuesday, are part of Sanford’s 2009-2010 budget.
Agreed. Corporations do not pay taxes, they are in reality a collection agent, only people do. Tax the income once it is paid to people as their income.
Better yet get rid of the income tax.
I propose that we remove direct taxation from the Federal Government entirely. The government should implement a state tax such that the Federal Government gets x% of each state’s revenues.
YBIC,
Phil Snyder
Sanford for President!!
Gov Sanford – How about letting your resident SC Guardsmen have access to in-state college tuition.
Man, I am really liking this guy. The corporate income tax is one of the most destructive and foolish taxes around. It needs to be abolished, and soon. I’m thrilled there’s someone out there with the guts to say the obvious.
Jeffersonian,
No chance. In fact, President-Elect Obama has promised to RAISE the corporate tax rates in the U.S.
As much as I hate fire ants, South Carolina is looking better and better all the time! May Gov. Sanford’s reforms stay in place long enough for us to retire down there! (OK, that’s a LONG time from now) From Maryland, with love!