South Carolina Policy Council and Americans for Tax Reform held news conferences around the state Monday, including in Greenville, to promote two proposed state constitutional amendments.
The two amendments would require the state to save more of its tax revenue to a point that follows more closely with the Reserve Funds of other states.
“These amendments don’t raise taxes whatsoever,” said Dallas Woodhouse, the Executive Director of the South Carolina Policy Council. “They tell the government to spend less and save more. This saves money in case we have hurricanes, floods, natural disasters or, most often, when we have a big economic recession.”
He explained that State governments have more limited financial resources than the federal government, and that these proposed amendments would allow the state government to continue running unabated without raising taxes or cutting services.
One of the proposed amendments would increase the General Reserve Fund from 5 percent up to 7 percent of general fund revenues over the next four fiscal years, while the other proposed amendment would increase the Capital Reserve Fund from 2 percent up to 3 percent.
Both of these amendments will be on the November 8th ballot in South Carolina.