H5044: Elimination of individual income tax

Legislative Summary

Amend The South Carolina Code Of Laws By Adding Section 12-6-511 So As To Reduce All The Income Tax Rates On Individuals, Estates, And Trusts By One Percent Each Year Until The Rate Across All Brackets Equals Zero Percent; By Repealing Section 12-6-510 Relating To Tax Rates For Individuals, Estates, And Trusts; By Repealing Section 12-6-515 Relating To Income Tax Brackets; By Repealing Section 12-6-520 Relating To Annual Adjustments To Income Tax Brackets; And By Repealing Section 12-6-545 Relating To Income Tax Rates For Pass-through Trade And Business Income.