Impact of President Obama's tax plan on South Carolina and how the planned tax hike or tax increase will impact South Carolina's economy.

1. THE EFFECTS OF THE OBAMA TAX PLAN
South Carolina
President Obama’s tax plan would allow portions TOTAL EMPLOYMENT
of the 2001 and 2003 tax cuts to expire, resulting in Annual Change in Jobs
steep tax hikes beginning in January 2011 for small
2011 2015 2020
businesses and those earning $250,000 or more. 0
The tax hikes would significantly affect the economy
in South Carolina, most notably in the number of –2,000
jobs and change in personal income.
–4,000
Among the results, from 2011 to 2020, the state
of South Carolina would: –6,000
• Lose, on average, 9,651 jobs annually.
• Lose, per household, $3,426 in total disposable –8,000
personal income.
• See total individual income taxes increase by –10,000
$4,976 million.
–12,000
Source: Heritage Foundation calculations based on the IHS Global
Insight U.S. macroeconomic model, and data from the U.S. Census –14,000
Bureau and U.S. Department of Labor, Bureau of Labor Statistics.
–12,191
REAL DISPOSABLE INCOME TOTAL INDIVIDUAL INCOME TAXES
Annual Change per Household Annual Change in Millions of Dollars
$617.4
2011 2015 2020
$0 $675
–$50 $600
–$100 $525
–$150 $450
–$200 $375
–$250 $300
–$300 $225
–$350 $150
–$400 $75
–$450 $0
2011 2015 2020
–$433.69
Chart SC • Obama Tax Plan by State heritage.org

2. THE EFFECTS OF THE OBAMA TAX PLAN
Change in Employment in South Carolina
4
5
1
3
6
2
Average Annual Change in Total
Employment, 2011 to 2020, by
Congressional District
Jobs Lost: 800–1,399
Jobs Lost: 1,400–1,599
Jobs Lost: 1,600–1,799
Jobs Lost: 1,800–2,320
State: 9,651 jobs lost annually on average
Source: Heritage Foundation calculations based on the IHS Global Insight U.S. macroeconomic model, and data from the U.S. Census Bureau and U.S.
Department of Labor, Bureau of Labor Statistics.
Map SC • Obama Tax Plan by State heritage.org