NANCY MACE APPLAUDS MCMASTER’S INCOME TAX CUT, CALLS FOR FULL ELIMINATION THROUGH HER FIVE YEARS TO ZERO PLAN

Mace is the only gubernatorial candidate with a detailed plan to eliminate the state income tax entirely

Congresswoman Nancy Mace today applauded Governor Henry McMaster for signing legislation reducing South Carolina’s top income tax rate, while calling on the state to go further and eliminate the income tax entirely through her Five Years to Zero plan.

“Governor McMaster deserves credit for putting more money back in the pockets of South Carolinians,” said Congresswoman Mace. “But a reduction is not elimination. South Carolina can do better, and we have a detailed plan to prove it.”

Governor McMaster this week signed H. 4216 into law, reducing the state’s top marginal income tax rate from 6% to 5.21% and establishing a 1.99% rate for income under $30,000. Congresswoman Mace believes it does not go far enough for working South Carolina families facing rising costs and a rapidly growing state.

Rep. Mace’s Five Years to Zero plan would eliminate the state income tax entirely by freezing General Fund spending at ~2023 levels of $11.6 billion and returning every dollar above that cap directly to taxpayers in the form of permanent tax cuts. The plan includes the following commonsense measures:

• Cap General Fund spending at $11.6 billion annually

• Return every dollar above the spending cap to taxpayers through permanent income tax reductions until the rate reaches zero

• Pause, reduce, or eliminate earmarks over five years

“South Carolina is the fastest-growing state in the nation,” said Congresswoman Mace. “It is time to make it the most affordable. Every dollar South Carolinians earn should stay in their pockets – not in Columbia. Five Years to Zero is how we get there.”

Congresswoman Mace is the only candidate in the race for Governor with a detailed plan to eliminate the state income tax entirely.