Thursday, August 11, 2011
ROAR: South Carolina's tax code is interfering with job creation
On Tuesday, economists from states all across the country gathered at Coastal Carolina University in Conway to discuss the effects of South Carolina's archaic and counterproductive tax code at their annual economic growth summit. "Unemployed workers can add the South Carolina tax code to the list of reasons that they cannot find work..." begins the August 9 article by Adva Saldinger in the Myrtle Beach Sun News.
Read the article in the Sun News by clicking here.
Saldinger reports that, according to the economists, South Carolina's tax system is actually preventing new business creation and company expansion. In fact, the tax code is preventing job creation across the South Carolina. Economists pointed to the numerous special tax exemptions on the books and the need for comprehensive tax reform. According to ROAR, a group advocating for comprehensive tax reform, South Carolina exempts more sales tax than it collects.
Dr. Russell Sobel, an economics professor at West Virginia University, said, "When the government gives out too much stuff there's too many people at the table." Dr. Rob Salvino, Coastal Carolina, further argued that many companies either leave or never come to South Carolina "because they are not at the level to manipulate that process."
According to ROAR, our state is not broke, our tax system is.
ROAR's Dr. Michael W. Fanning has spoken recently in Greenville.