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October 25, 2006 | South Carolina Headlines


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Tax Cuts Will Impact SC
Jimmy Moore
May 30, 2003

This was a memorable week for President George W. Bush as he signed into law the third largest tax cut in American history. Although the $350 billion tax cut was less than half of what he initially wanted, it is still a major accomplishment that will be remembered as one of the highlights of President Bush's first term in office.

At the bill signing ceremony at the White House earlier this week, President Bush remarked that Americans have more to spend, to save and to invest the money they will receive from these tax cuts and concluded that this legislation is adding fuel to an economic recovery.

This is certainly true for the taxpayers of South Carolina. Take a look at the direct and immediate impact these new tax cuts will have on the South Carolina economy:

- 1,169,000 South Carolina taxpayers will pay less income taxes in 2003. The President is giving back the hardworking taxpayers more of their own money to spend any way they want to!

- 256,000 South Carolina business owners will be able to purchase new equipment, add new staff and raise current staff salaries because of the tax cuts. All of these will have lasting positive effects on the economy.

- 862,000 South Carolina married couples and single filers will move into the 10% tax bracket in 2003 instead of having to wait until 2008, the original target date of the change that was a part of the 2001 tax cuts.

- 271,000 South Carolina taxpayers will see their income tax rates that are currently over 15% reduced in 2003 instead of having to wait until 2004 and 2006, the time when the breaks were supposed to take effect as part of the 2001 tax cuts.

- 455,000 South Carolina married couples will see the standard deduction for joint filers increase to double the amount for single filers. Additionally, the 15-percent tax bracket will be doubled for joint filers as compared to single filers. Both of these were supposed to be phased in from 2005 until 2009, but will now fully take effect in 2003.

- 373,000 South Carolina married couples with children and single parents will receive a $400 refund check in the mail during the Summer 2003 for each child they have. This reflects the increase in the child tax credit from $600 to $1,000 that was supposed to come gradually between 2005 and 2010.

- 301,000 South Carolina taxpayers will receive tax relief on the dividends paid from corporate income.

- Education and healthcare will be the primary beneficiaries of the $265 million in federal funds coming to South Carolina in the next two years as part of the Bush economic stimulus plan.

As good as all these provisions are for South Carolina taxpayers, the sad truth of the matter is that most of them are only temporary. What we need to do is give President Bush more conservative Republicans in the U.S. House and Senate to help him make these tax cuts permanent! That is what Bush wants, but he needs our help.

President Bush recently said, "hopefully by now people have learned that when George W. Bush commits America to a project, we mean that, we don't have idle chit-chat, that we're serious about our intentions."

South Carolina voters can show him how serious they are about getting things accomplished by sending a long overdue one-way ticket out of Washington for a certain gentleman from the Lowcountry, the infamous laughingstock of the U.S. Senate, Ernest "Fritz" Hollings. Regardless of who the Republican candidate is running against him (that is, if he ever decides whether or not he is running), Hollings MUST be defeated. We need a leader in that Senate seat who will work with Sen. Lindsey Graham and President Bush to make these tax cuts permanent so the economy can grow and jobs can be formed!

But if the Democrats are allowed to maintain their numbers or even pick up seats in the U.S. House and Senate, then it could take many years before tax cuts are even given a chance to make the economic impact they will have over the next few years again. We simply cannot let this opportunity pass us by!

The Democrats are going to try to put on a face by lying to the voters about how awful the economy is doing in spite of the Bush tax cuts. But most people will only laugh at this notion from the Democrats when they see how much of a real difference the tax cuts have made in their own personal finances. It's hard to argue when there is cold hard cash involved. And that's what scares Democrats the most!

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