How much will you save from Trump’s tax cuts? Here’s how you can find out in SC

The tax cuts signed into law by President Donald Trump late last year could save some S.C. taxpayers more money than others make in a year.

A national analysis by the Tax Foundation breaks down the effects of the tax changes in each congressional district, showing how much taxpayers in each tax bracket will pay when 2019 comes around.

But S.C. taxpayers still could be affected by pending changes to bring the state's tax code in line with the already passed federal tax changes. Unless the S.C.. Legislature passes a bill by next year, some South Carolinians could end up paying $200 million more in state income taxes because of the federal tax changes.

Tax earners in the highest bracket — those earning $200,000 and up — in South Carolina will save between $19,971 in the 3rd District and $24,819 in the 1st District, an average cut of 5 percent or more.

The highest tax cut is roughly equal to how much money the average nursing or veterinary assistant makes in a year in South Carolina, according to the U.S. Bureau of Labor and Statistics.

Earners in the middle income bracket, those making between $50,000 and $75,000, will see more modest tax savings — from $1,364 in the 4th District to $1,322 in the 6th, an average of 2.2 percent.

The average federal tax cut statewide is expected to be $2,044.

Those in the lowest bracket, making $10,000 or less, will get the lowest savings — between $19 in the 2nd District and $22 in the 3rd District, an average cut of less than 0.5 percent.

The Tax Foundation is a Washington, D.C.,-based think tank that researches the impacts of tax policy.

You can check out its tax calculator for yourself at the Tax Foundation's website, along with individual tax calculators to assess your own tax changes.

This story was originally published July 11, 2018 at 4:01 PM.