South Carolina’s budget increased cumulatively more than pop+inf in state funds and all funds from 2014-23, meaning taxes are higher than the average taxpayer can afford.
- The 2023 state funds budget is $4.9 billion higher than it would have been had spending grown at the rate of population growth plus inflation over the past decade.
- Because the state funds budget grew faster than population growth plus inflation for the last ten years, the state spent and taxed $13.0 billion too much.
- The 2023 all funds budget is $10.5 billion higher than it would have been had spending grown at the rate of population growth plus inflation over the past decade.
- Because the all funds budget grew faster than population growth plus inflation over the past decade, the state spent and taxed $25.5 billion too much.
State Funds Budget Data
- Estimated FY 2024 Only State Funds Budget ($ Billions): $24.60
- FY 2025 Only State Funds Budget Limit ($ Billions): $26.29
- FY 2025 Only State Funds Budget Limit Growth ($ Billions): 6.90%
- Cost per person of state funds budgeting more than pop+inf over the last decade in 2023 budget: $907
- Cost per family of 4 of budgeting more than pop+inf over the last decade in 2023 budget: $3,627
- Cumulative cost per person of state funds budgeting more than pop+inf over the last decade from 2014-23: $2,422
- Cumulative cost per family of 4 of state funds budgeting more than pop+inf over the last decade from 2014-23: $9,687
State All Funds Budget Data
- Estimated FY 2024 All Funds Budget ($ Billions): $40.58
- FY 2025 All Funds Budget Limit ($ Billions): $43.38
- FY 2025 All Funds Budget Limit Growth ($ Billions): 6.90%
- Cost per person of all funds budgeting more than pop+inf over the last decade in 2023 budget: 1,945
- Cost per family of 4 of all funds budgeting more than pop+inf over the last decade in 2023 budget: 7,779
- Cumulative cost per person of all funds budgeting more than pop+inf over the last decade from 2014-23: 4,754
- Cumulative cost per family of 4 of all funds budgeting more than pop+inf over the last decade from 2014-23: 19,015
Other Considerations
- Economic Freedom of North America (2021) (Rank): 19 [Fraser Institute]
- Economic Freedom (2022) (Rank): 27 [Cato Institute]
- Fiscal Policy (2022) (Rank): 32 [Cato Institute]
- Regulatory Policy (2022) (Rank): 16 [Cato Institute]
- State Tax Collections Per Capita (FY2021) ($): $2,560 [Tax Foundation]
- State Tax Collections Per Capita (FY2021) (Rank): 44 [Tax Foundation]
- State-Local Total Tax Burden per Capita (2022) ($): $4,596 [Tax Foundation]
- State-Local Tax Burden per Capita (2022) (%): 8.90% [Tax Foundation]
- State-Local Tax Burden per Capita (2022) (Rank): 9 [Tax Foundation]
- Top Income Tax Rate (2024) (%): 6.40% [Tax Foundation]
- Top Income Tax Rate (2024) (Rank): 37 [Tax Foundation]
- Flat/Progressive/Zero Income Tax (2024): P [Tax Foundation]
- Overall State Business Tax Climate Index (2024)(Rank): 29 [Tax Foundation]
- Top Corporate Income Tax Rate (2024) (%): 5.00% [Tax Foundation]
- Top Corporate Income Tax Rate (2024) (Rank): 16 [Tax Foundation]
- State-Local Sales Tax Rate (2024) (%): 7.43% [Tax Foundation]
- State-Local Sales Tax Rate (2024) (Rank): 33 [Tax Foundation]
- Property Taxes Paid as a Percentage of Owner-Occupied Housing Value (2021) (%): 0.57% [Tax Foundation]
- Property Taxes Paid as a Percentage of Owner-Occupied Housing Value (2021) (Rank): 45 [Tax Foundation]
- Economic Outlook (2024) (Rank): 24 [American Legislative Exchange Council]
- Economic Performance Rankings, 2012-2022 (2024) (Rank): 10 [American Legislative Exchange Council]
- Tax and Expenditure Limit (0-3): 1 [American Legislative Exchange Council]
- Tax and Expenditure Limit (Rank): 15 [American Legislative Exchange Council]
- Right-to-Work Law (2022) (Y/N): Y [American Legislative Exchange Council]
- State-Local Spending per Capita (2022) ($): $11,539 [US Government Spending]
- State-Local Spending per Capita (2022) (Rank): 15 [US Government Spending]
- Official Poverty Rate (2020-22) (%): 13.3 [Census Bureau]
- Official Poverty Rate (2020-22) (Rank): 41 [Census Bureau]
- Supplemental Poverty Rate (2020-22) (%): 9.5 [Census Bureau]
- Supplemental Poverty Rate (2020-22) (Rank): 32 [Census Bureau]
- Labor Force Participation Rate (Dec 2023) (%): 57.00% [Bureau of Labor Statistics]
- Labor Force Participation Rate (Dec 2023) (Rank): 48 [Bureau of Labor Statistics]