As we focus on lowering our unemployment rate in South Carolina, we will hone in on ways to improve the business environment in our state. Every one of my cabinet directors understands that his or her job is to reduce the amount of red-tape placed on our
businesses. In the business world, time is money--if government is costing our small businesses time, it is costing them money. That's unacceptable. The heart of our economy is and always will be our small businesses. If we give them cash flow, if we giv
them profit margins, they aren't going on vacation--they will use those dollars to hire people, to invest back in our state. And it will be our people, and South Carolina's economy, that benefit. We have spoken some about moving forward with one vision.
To the great credit of those in this room, in the seven short days I have been governor, we have made great progress.
Eliminate business taxes, starting with corporate income tax
The Haley Administration will prioritize the elimination of business income taxes, starting with eliminating the corporate income tax. Annually, South Carolina collects just over $260 million in corporate income taxes, representing only about 4.5% of the
General Fund. Our tax system has been band-aided to saddle some business with a greater burden than others. By leaving a quarter of a billion dollars in the private sector, we will enable South Carolina's businesses to grow.
Source: Campaign website, nikkihaley.com, "Issues"
, Nov 2, 2010