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SC Tax Tool Unveiled

The South Carolina Tax Tool, designed by Dr. Caroline Strobel (School of Accounting) and Dr. Patrick Philipoom (Management Science), was unveiled at the State House on January 31, 2013 in a demonstration featuring its simplicity and usefulness to legislative leaders and their staff.  The tool was created to help South Carolina government, business and community leaders calculate the impact that changes in tax laws can have on the state’s revenue.

The SC Tax Tool is available on SC Dash, an online clearinghouse for South Carolina economic data that the Darla Moore School of Business launched last year.  To use the tool, an individual chooses a tax category they want to adjust and types in a proposed amount.  Changes can be made at the local, county or state level.  As changes are made in the calculator, the differences will appear on the screen.  A click on Overview provides a summary of the total revenue impact reflected by the proposed change.  The SC Tax Tool is a free resource and the website includes a short tutorial to explain its use (http://www.scdash.com/).

Strobel states: “Currently lawmakers and business leaders only know how much revenue is collected.  They don’t have any simple and standard way of knowing what affect various changes to taxes would have on revenue.  I think [the SC Tax Tool] will be an interesting and education tool for people who are interested in how state revenues are raised.”

Dr. Strobel also uses the SC Tax Tool in her ACCT 756 – Advanced Estate and Income Planning course when dealing with state and location taxes.  “I use it as we discuss income tax, sales tax, property tax and other user fees ...  The tax tool better shows the students how taxes work at the state level.  While I don't concentrate on the specifics of SC taxes since many of our students will go to work out of state, it allows them to look at one cohesive state tax system that is similar to other systems in the states around us.”

It is also noteworthy that Dr. Caroline Strobel has been teaching tax for 33 years, contributing to the education of students in the classroom, writing numerous articles for The Tax Advisor and The CPA Journal that continue to support the accounting profession, and contributing to the Instructor's Manual for Federal Taxation: Corporations, Partnerships, Estates and Trusts from 1989 through 2012.