The Palmetto Insider

The blog of the South Carolina Policy Council

Unleashing Capitalism will Unleash Potential of South Carolina

with one comment

Last night the Policy Council released a new book – Unleashing Capitalism – in addition to a new website unleashingcapitalismsc.org.

More than 200 South Carolinians attended the launch party, where Policy Council President Ashley Landess introduced the video below and discussed the book. A compilation of chapters written by local economists, the book details a prescription for economic activity in South Carolina.

While at the event, it was clear how many residents of our great state have been waiting to take back the economy. People expressed their frustration with the secrecy of government economic planning, and the burden of taxes and regulations. Our residents are ready to unleash their ambition, talent and creativity.

We need to remember that we have capitalism to thank for so many innovations and luxuries of our society. Air conditioning, refrigerators, canned food – all a result of capitalism at work. If we get back to basics and unleash capitalism, the economy will prosper once again.

This fact sheet gives a breakdown of what’s actually in the book. An excerpt:

  • Reforming the tax code. The state’s tax code is inefficient and unfair. Each dollar of tax revenue collected costs the South Carolina economy between $1.60 and $1.82. High taxes also reduce economic freedom and discourage entrepreneurship. In addition to depoliticizing the tax code by eliminating special-interest tax breaks, the state should eliminate the corporate income tax and lower sales and income taxes. See Chapter 4, Chapter 5 and Chapter 12.
  • Lowering the personal income tax to 3 percent and fully indexing for inflation. South Carolina has the highest effective marginal income tax rate (7 percent) in the Southeast. Failing to fully index brackets for inflation also guarantees an automatic tax increase for most South Carolina families, with the top bracket kicking in at $13,351. By comparison, North Carolina’s top bracket begins at $60,001. An even better alternative would be to implement a flat-rate income tax at about 3 percent. See Chapter 5 and Chapter 12.
  • Reducing the manufacturing property tax to 1 percent. South Carolina has, by far, the highest industrial property taxes in the Southeast. This tax should be lowered from an effective rate of 3.73 percent to 1.00 percent. Doing so, however, will require a state constitutional amendment. See Chapter 5.

In fact, this blog is coming to you courtesy of capitalism. We use the Internet that was created by entrepreneurs, and my computer that was built by companies trying to make a profit and add value to society. All parts of capitalism.

Capitalism never stops. Now, we have wireless internet on airplanes. Thank you wi-fi access that is now available on planes. This blog was written live from 30,000 feet in the air, and courtesy of capitalism. Not government-planned economies.

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Written by Geoff Pallay

November 13, 2009 at 1:51 pm

One Response

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  1. I think that it might “unleash” the potential of South Carolina, but it probably won’t “unless” it.

    FYI, the internet was actually created by the U.S. government. Defense department funding to create a communications network that was resistant to enemy attack was the origin of DARPAnet, which became the internet. Capitalism just took that government creation and profited from it.

    thoughtbasket

    November 13, 2009 at 4:53 pm


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