Nancy Mace Pledges 'Permanent Tax Cut' For South Carolina, Promises Lower Income Taxes

During a town hall meeting, gubernatorial candidate Rep. Nancy Mace (R-SC) spoke about her tax plan should she become South Carolina governor.

Transcript

00:00Thank you for being here. God bless you. I'm going to show you a couple of my plans

00:03because I don't want you to believe what the fake news is going to tell you that Nancy Mays

00:08only does memes. Not to take her seriously when I am one of the most serious members of Congress.

00:14They don't like conservative women. They don't like it when women speak up. The left hate women.

00:20They want men in our bathrooms. We're going to stop that in South Carolina because on day one,

00:24if you give me a bathroom bill, state legislature, I will sign it into law.

00:27We're going to keep men out of women's spaces. One of the things I want to show you

00:32is on this map you'll see in South Carolina, we have the highest state income tax rate in the

00:40Southeast. We have a 6% sales tax. We have high property taxes. We have a hovering around 6%

00:47state income tax. North Carolina is lower. Georgia is lower. Tennessee just got down to zero. Florida

00:52is zero. Texas is zero. We cannot compete with other states when our state income taxes is high.

00:59So on this board over here, we have a state budget that's worth about 40.1, 41.6, somewhere in there,

01:05just over $40 billion a year. And there are three different major buckets in the budget.

01:10One of them, when you're reading about the state budget, is called the general fund.

01:13And it's about one third of the budget. Well, pre-COVID, the general fund in 2019 was around

01:20$9 billion. Post-COVID in the 2024-2025 year, it has skyrocketed to $13.2 billion.

01:28I want to find somewhere in the middle, in 2023, 2022-2023 fiscal year, I want to freeze spending

01:35to that level at $11.6 billion. Because if we do that, you can see this blue above the red line

01:41here, every single year after that, when we have record revenues like we have historically

01:45over the last five years, we can give that money back to you, the taxpayer, in a permanent

01:50tax cut. Just like Donald Trump has done. Just like he's done. But to speed it up, you'll

01:57see I have earmarks on this board. We've all heard of earmarks, right? Those are pet projects

02:02that have nothing to do with growing the economy or getting you a good wage-paying job. In 2019,

02:08earmarks were $30 million a year. And then just a year ago, 2023-2024 fiscal year, they

02:14were $700 million. We went from $30 to $700 million in two years for earmarks. So to speed

02:22up the general fund rebate back to taxpayers, if we just cut earmarks in half, hell, I would

02:27take zero. But if you just cut them in half, you can speed up the tax rebate. If we had

02:32every state government agency cut two to four percent, you can speed up the taxes from five

02:38years to zero. My plan is called five years to zero. If you froze hiring in the state government,

02:44you could speed up this plan. So we'll go on to the next board for that. That's my plan for taxes.