New South Carolina Income Tax Cut Might Eat Your Cash

Big fish with dollar sign eating smaller fish with dollar signs.

After lowering income taxes last year, South Carolina residents might soon receive another tax cut. A new legislation cuts the state’s top income tax rate by more than 2% and includes future reductions if certain income limits are met.

South Carolina has one of the highest income tax rates in the Southeast. Neighboring states Alabama, Georgia, and North Carolina, and the Commonwealth of Virginia have lower rates.