Our conversations have usually centered on the proposed South Carolina Fair Tax Act, an act that he is passionately pushing and I am passionately opposing. The Fair Tax would abolish more than $4 billion annually of current state business taxes and the current state sales tax. The Fair Tax would recoup the entire $4 billion by expanding the state retail sales tax to cover all of our purchases of new goods and all services, including all food, medicines, medical procedures, most school tuitions, your new autos and new homes (used cars and resale homes excepted). Essentially, everything and every service we buy will be taxed!
In other words, all business taxes are abolished, and the $4 billion of the abolished taxes falls on the shoulders of you, me and our neighbors.
Any idea what your share of $4 billion might be? Here’s an example: Earlier this year I had a minor medical procedure involving a four-hour visit in a surgical facility. I checked in at 8 a.m. and was home by early afternoon – no big deal. The bill for that visit was $58,000, and the Fair Tax would have added nearly $3,500. Have you ever paid $3,500 sales taxes in a year?
The Fair Tax just ain’t fair, Bill. Let it go!