Petroleum-Based Gaseous Fuels shall be subject to a State Excise Tax equal to ten percent (10.00%) of the pre-tax retail price, which shall furthermore be subject to a floor of $0.50 per one thousand (1,000) cubic feet.
For example, if the pre-tax retail price of natural gas is $12.00 per one thousand (1,000) cubic feet, then the State Excise Tax shall be set to $1.20. If the Federal Excise Tax is set to $1.20, then the total retail price shall be $14.40 per one thousand (1,000) cubic feet (excluding any local taxes).
Monday, September 27, 2010
State Petroleum-Based Liquid Fuels Tax
Petroleum-Based Liquid Fuels shall be subject to a State Excise Tax equal to ten percent (10.00%) of the pre-tax retail price, which shall furthermore be subject to a floor of $0.20 per gallon.
For example, if the pre-tax retail price of gasoline is $2.00 per gallon, then the State Excise Tax shall be set to $0.20. If the Federal Excise Tax is set to $0.20, then the total retail price shall be $2.40 per gallon (exclusing any local taxes).
Monies collect pursuant to this tax shall be used solely for the construction and maintenance of public transportation facilities (airports, highways, and railways).
For example, if the pre-tax retail price of gasoline is $2.00 per gallon, then the State Excise Tax shall be set to $0.20. If the Federal Excise Tax is set to $0.20, then the total retail price shall be $2.40 per gallon (exclusing any local taxes).
Monies collect pursuant to this tax shall be used solely for the construction and maintenance of public transportation facilities (airports, highways, and railways).
Individual Income Taxes
The Household Federal Poverty Level will be used to delineate the income levels subject to a State Income Tax liability.
The Household Federal Poverty Level will be determined by the number of working-age adults, the number of retired adults, the number of blind and/or disabled individuals, and the number of children claimed on the Federal Income Tax return for individuals and families.
The Citizenship Status of individuals reporting income will be used to determine whether income subject to a base State Income Tax liability is to be subject to any additional State Income Tax liability.
Individuals and families whose gross income does not exceed the Household Federal Poverty Level shall have no State Income Tax liability.
Individuals and families whose gross income exceeds the Household Federal Poverty Level shall have a Federal Income Tax liability calculated as follows --
That is the entirety of the State Income Tax to be collected from individuals and families.
No distinction will be made in respect to the source of income. Wages, investment, etc., will all be treated equally.
Social Security benefits will not be treated as income for the purpose of determining any State Income Tax liability.
Medicare benefits will not be treated as income for the purpose of determing any State Income Tax liability.
No tax deductions of any kind will be allowed.
The Household Federal Poverty Level will be determined by the number of working-age adults, the number of retired adults, the number of blind and/or disabled individuals, and the number of children claimed on the Federal Income Tax return for individuals and families.
The Citizenship Status of individuals reporting income will be used to determine whether income subject to a base State Income Tax liability is to be subject to any additional State Income Tax liability.
Individuals and families whose gross income does not exceed the Household Federal Poverty Level shall have no State Income Tax liability.
Individuals and families whose gross income exceeds the Household Federal Poverty Level shall have a Federal Income Tax liability calculated as follows --
- The portion of the gross income exceeding the Household Federal Poverty Level shall be subject to a State Income Tax liability of two percent (2.00%).
- The portion of the gross income exceeding two (2) times the Household Federal Poverty Level shall be subject to an additional State Income Tax liability of two percent (2.00%).
- The portion of the gross income exceeding three (3) times the Household Federal Poverty Level shall be subject to an additional State Income Tax liability of two percent (2.00%).
- The portion of the gross income exceeding four (4) times the Household Federal Poverty Level shall be subject to an additional State Income Tax liability of two percent (2.00%).
- The portion of the gross income exceeding the Household Federal Poverty Level shall be subject to an additional State Income Tax liability of one-half of one percent (0.50%).
- The portion of the gross income exceeding two (2) times the Household Federal Poverty Level shall be subject to an additional State Income Tax liability of one-half of one percent (0.50%).
- The portion of the gross income exceeding three (3) times the Household Federal Poverty Level shall be subject to an additional State Income Tax liability of one-half of one percent (0.50%).
- The portion of the gross income exceeding four (4) times the Household Federal Poverty Level shall be subject to an additional State Income Tax liability of one-half of one percent (0.50%).
That is the entirety of the State Income Tax to be collected from individuals and families.
No distinction will be made in respect to the source of income. Wages, investment, etc., will all be treated equally.
Social Security benefits will not be treated as income for the purpose of determining any State Income Tax liability.
Medicare benefits will not be treated as income for the purpose of determing any State Income Tax liability.
No tax deductions of any kind will be allowed.
Saturday, September 25, 2010
Broken
Like the US Tax Code (see http://ustaxreform.blogspot.com/), the SC Tax Code is broken.
It is filled with loopholes.
In succeeding posts I plan to detail some ideas for reforming the SC Tax Code, by implementing a simplified income tax structure, by eliminating deductions, and by setting some excise tax rates as a percentage of the pre-tax retail price of the product.
Please note that these proposals are a "work-in-progress" and may change significantly as a result of additional research and the submission of your ideas and recommendations. Please participate! I will gladly consider the incorporation of reasonable ideas and recommendations. Unreasonable or unworkable ideas and recommendations will be rejected, but an explanation will be offerred.
It is filled with loopholes.
In succeeding posts I plan to detail some ideas for reforming the SC Tax Code, by implementing a simplified income tax structure, by eliminating deductions, and by setting some excise tax rates as a percentage of the pre-tax retail price of the product.
Please note that these proposals are a "work-in-progress" and may change significantly as a result of additional research and the submission of your ideas and recommendations. Please participate! I will gladly consider the incorporation of reasonable ideas and recommendations. Unreasonable or unworkable ideas and recommendations will be rejected, but an explanation will be offerred.
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