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Sanford pitches lower taxes at final press conference

Jan 6, 2011 1:25:00 PM - thestate.com
Dressed in his usual blue blazer and holding one of his trademark charts, outgoing Gov. Mark Sanford held his final press conference Thursday, outlining a plan to reform South Carolina’s tax structure, featuring lower tax rates that he says are needed to increase the state's competitiveness.

Sanford, who leaves office Wednesday when Gov.-elect Nikki Haley takes the helm, made one final appeal to lawmakers to:

-- Eliminate all tax exemptions and uniformly tax goods and services in the range of 2 percent to 3 percent

-- Uniformly assess all real property at 4 percent of its value. Business property is now taxed at 10 percent. The tax rate for homeowner-occupied residences now is 4 percent.

-- Create a flat personal income tax and corporate income tax in the range of 2 to 3 percent. The corporate tax rate now is 5 percent. The personal income tax is up to 7 percent.

USA, South Carolina: (Latest Stories)