CIGARETTE TAX INCREASE ADDS TO TAX BURDEN IN ALREADY TOUGH ECONOMY, DOES LITTLE TO ADDRESS STATE’S LONG TERM HEALTH CARE FUNDING PROBLEM
Columbia, S.C. – May 11, 2010 – Governor Mark Sanford today joined legislators and small business leaders in announcing his veto of H.3584, a bill that would increase the state’s cigarette tax by 50 cents per pack. This legislation represents a more than billion dollar tax increase over the next decade, as well as the largest tax increase on working South Carolinians in a generation.
“First, on the cigarette tax, we are where we’ve always been,” Gov. Sanford said. “For the last seven years we’ve advocated an increase to the cigarette tax, while at the same time insisting that we ought not to raise the overall tax burden on working South Carolinians, but instead counterbalance this tax hike with corresponding tax relief that would better fuel the state’s economy and help create jobs. With the state’s economy just beginning to emerge from one of the worst recessions in modern history, we’re holding to that principle more firmly than ever. In these difficult economic times, we believe it would be sheer folly to impose the largest tax increase since 1985.
Read the rest at Gov. Sanford Vetoes Largest Tax Hike in a Generation.
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