Hello Dr.Oâ??Neal, and, Classmates In the state where I reside, which is South Carolina
the states allocation for education and property tax varies from
different localities. Sales use, motor fuels taxes, South Carolinaâ??s
state sales and use tax rate is 6%. 5% of the statewide rate is used for
education initiatives , while 1% is used to offset reductions in local
property taxes (Financial Matters, 2018. Pg.1 ). In my neighbor states,
the property tax figures taken from the U.S. Census Bureau is as
follow, along with gross receipts respectively : South Carolina $32,670â?¦â?¦â?¦â?¦.48.4% Georgia $961,780â?¦â?¦â?¦..39.2% North Carolina N/A â?¦â?¦â?¦â?¦ 42.6% Tennessee N/A â?¦â?¦â?¦â?¦.72.5%(BallotPedia, 2017. Pg.3 ). If things were left to me I would increase taxes on corporation,
alcoholic beverages tax, and license along with tobacco tax, this would
really offset and balance the budget. However there is a lesson I
learned about the challenge of balancing the federal budget. First is to
acknowledge a weak economy, mounting pressure on spending, and deeper
projected deficits. â?? Balancing the budget will require improved
economic growth, bold program reforms, and a sustained commitment to
fiscal disciplineâ?(House budget Committee, 2017.pg.4 ). The final lesson
I have learned is that when trying to balance a budget at times takes
skill and know how to use certain tools to sustain a balance budget, and
always remember that you cannot please everyone all the time. References BallotPedia,2017. Tax Policy in South Carolina. Retrieved from https://ballotpedia.org Financial Matter, 2018 ). South Carolina Taxes, Financial Matter. Retrieved from https://carolina_living.com>financial_matters House Budget Committee, 2017. The Challenges of Balancing the Budget. Retrieved from https://budget.house.gov
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