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A $2 Billion Income Tax and Rebate Bill Has Been Introduced in the South Carolina Senate.

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A bill that would provide a $100 rebate to everyone who files an income tax return in South Carolina is making its way through the state Senate.

A bill that would provide a $100 rebate to everyone who files an income tax return in South Carolina is making its way through the state Senate.

The $2 billion packages, which includes a considerable reduction in the highest income tax rate, was unanimously approved by the Senate Finance Committee on Tuesday.

The plan is now on its way to the Senate floor, where Republican leaders hope to gain a vote so senators can examine its impact alongside the rest of the $14 billion state budget next month.

The bill was considered for less than 20 minutes in the Senate Finance Committee, which may be tedious at times. It was only 19 days ago when it was proposed.

The proposal, which costs little under $1 billion, lowers the state’s top income tax rate from 7% to 5.7 per cent. The bill’s remaining $1 billion provides a rebate ranging from $100 to $700 to every individual or married couple who files an income tax return, regardless of whether they owe any state income tax.

Supporters argue that the 44 per cent of filers who don’t earn enough to pay state income tax — approximately 1.1 million people — are entitled to a $100 rebate because they do pay sales tax, which contributed to the state’s $4.5 billion windfalls.

For those who do pay income tax, the rebate would essentially refund what they paid for a year, up to a maximum of $700. Approximately 39% of taxpayers pay more than $700 in taxes. Around 18% would get back nearly the same amount they paid.

The House of Representatives has already passed its tax cut, which decreases the top tax rate from 7% to 6.5 per cent next year and then to 6% over the next five years.

It also reduces all other tax bands to the lowest 3 per cent, with an initial cost of $600 million and a total cost of $1 billion when completely implemented.

The two parties will have to iron out their differences in the end.

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There hasn’t been a single vote against the bill in committees in both the House and Senate or the whole House.

After the unanimous vote Tuesday in the Senate Finance Committee, Democratic Sen. Darrell Jackson of Hopkins joked, “We’re all tea party now.”

“Welcome to the celebration, “Harvey Peeler of Gaffney, the Republican chairman of the Senate Finance Committee, stated. “The tent is quite large.

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