Some Blame SC’s Budget Problems On Tax Cuts
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The Associated Press
Published: December 3, 2008
COLUMBIA, S.C. (AP) - State economists say tax cuts, rather than the economic downturn, are to blame for much of South Carolina’s budget problems this year.
Officials have cut $621 million from a $7 billion dollar state budget since July because of falling revenue.
Chief state economist William Gillespie told The State newspaper the elimination of sales taxes on groceries makes up almost the entire decline in sales tax revenue. Sales taxes are $72 million behind projections.
The Board of Economic Advisors earlier this month lowered its revenue estimates for the fourth time since May.
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