(AP/WCBD) – As reaction comes in to the proposed Republican tax plan, one Lowcountry lawmaker wants input from residents.
The 429 page bill which was introduced Thursday would lower the corporate tax rate and simplify the personal code.
It would also require some upper-income taxpayers to pay a higher top rate under a new rate structure.
Families earning more than $260,000 now have a top rate of 33 percent. They’d get kicked up to the 35 percent bracket. At present, the 35 percent rate starts at $416,700 for married couples.
High-bracket earners, especially in high-tax states, would lose the benefit of deducting state income taxes.
Middle-class earners would also benefit. That’s because the bill would nearly double the standard deduction to $24,000 for couples and an increase in the per-child tax credit from $1,000 to $1,600.
U.S. Representative Mark Sanford has put up a poll on his website to get everyone’s thoughts on the new tax plan, in a Facebook post, Sanford explained he put the poll up to find out what people have concerns over.