Recently, I interviewed (for Alan Cooper’s MidlandsBiz) Michael Fanning of the Olde English Consortium about the need for comprehensive tax reform in SC. It’s an old favorite cause of mine, and he speaks about it ably, so if you have ANY interest in such wonkish-but-important things, you might want to watch.
Here’s the link, in case you have trouble with the embed.
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Real aficionados may note that it’s the same set we use for “The Brad Show.”… That, of course, would be noted in the “extra features” on the DVD, were there a DVD…
I’m all for comprehensive tax reform that simplifies the sales tax code and removes all exemptions.
But, here’s my concern. As Mr. Fanning stated – we now exempt 2.7 billion and collect 2.5 billion – are you suggesting that the state needs to collect 5.2 billion or something between 2.7 and 5.2 by lowering the tax rate while removing the exemption. Let’s not forget that every additional dollar collects is coming out of SOMEBODY’S pocket – it’s a dollar that cannot be spent by the consumer.
And you asked him about whether it might get done this year and got the expected “we hope so” type of response. What you neglected to ask was WHO in the legislature is holding this up? And if it doesn’t get done, won’t it be due to the actions of those very experienced legislators who you feel we cannot live without?