Charleston Currents #14.03 | NOV. 15, 2021
GRAND OPENING: Charleston Mayor John Tecklenburg cuts a ribbon Saturday at opening day of the Port of Call food court on Market Street. At left are owners Thomas Berry (white shirt) and Ryan Kaufmann. See something you think our readers would enjoy? Snap a shot and send it along. Photo by Andy Brack.
FOCUS: Local analyst urges portfolio review on proposed tax changes
COMMENTARY, Brack: Bad idea to ban books and manufacture outrage
IN THE SPOTLIGHT: SCIWAY
NEWS BRIEFS: New bio highlights story of Reconstruction-era Senate leader
FEEDBACK: Guns promoted too loudly
MYSTERY PHOTO: Peeking through the treetops
CALENDAR: Keb’ Mo’ returns Tuesday
Review portfolio on proposed tax law changes
By Kyra Morris, contributing editor | Many may be concerned about the changes in the new taxes under the $1.75 trillion Build Back Better Act, which is President Joe Biden’s signature social safety net and climate change bill. It has received a procedural vote in the House and still needs a final vote before it heads back to the U.S. Senate.
Morris
The analysis from the nonpartisan Congressional Budget Office indicating the ultimate cost of this bill will be a determining factor. This article reviews the proposals as of Nov 6, and may at least give us some guidance and potential planning ideas.
Little change for many. The first thing that needs to be remembered is that if your taxable income is below $450,000 for married filing jointly (MFJ) or $400,000 for single (S) taxpayers, the proposed new tax laws have very little changes. The only significant marginal tax bracket change is that the 35 percent tax bracket has been reduced since the return of the 39.6 percent rate begins at $450,000. This level of $400,000 (S) and $450,000 (MFJ) does make it so that the majority of taxpayers are not affected by the increase in rates.
No rate changes for most. Dividends and long-term capital gains rates also do not change from current rates for taxpayers making less than $450,000. Above $450,000, the rates go from 15 percent to 25 percent. This eliminates the current 20 percent rate.
Keep your eyes open. There are some other items that taxpayers should be aware of and keep their eyes on:
- State and Local Tax Deduction (SALT) – Cap increased to $80,000 for the years 2021 to 2030, then reverts back to $10,000 in 2031.
- Child Tax Credit extends into 2022 phasing out the higher credit amount for families with Adjusted Gross Income (AGI) greater than $112,000 for single (S) or $150,000 for married filing jointly (MFJ)
- No IRA contributions can be made if taxable income is greater than $400,000 for single (S) or $450,000 for married filing jointly (MFJ) and if your total qualified plan balances are greater than $10,000,000.
- No ROTH conversions if taxable income is greater than $400,000 for S or $450,000 for MFJ.
- Business surtax of 3.8 percent of S-corp income with Modified Adjusted Gross income (MAGI) $400,000 for S or $500,000 for MFJ.
- Qualified Business Income (QBI) deduction would be capped at $400,000 S and $500,000 MFJ.
- Adding or improving tax breaks for green energy and energy efficiency –
- Credit jumps from 10 percent to 30 percent for nonbusiness energy property for your home and for residential energy efficiency property – solar, wind, geothermal or fuel cell technology.
- Creating a 30 percent tax credit for qualified wildfire mitigation.
- Up to $12,500 for purchase of a new plug-in motor vehicle and $4,000 for the purchase of a used plug-in electric vehicle.
- A surtax on millionaire taxpayers equal to 5 percent with MAGI from $10,000,000 to $25,000.000 and then 8 percent for above $25,000,000.
- Increasing the Net Investment Income (NII) surtax to 3.8 percent. NII includes but is not limited to interest, dividends, passive rents, annuities and royalties for MAGI greater than $200,000 S or $250,000 for MFJ.
- Improving Earned Income Tax Credits for 2022 by lowering the minimum age to 19 and eliminating the maximum age limit, increasing the maximum credit, and expanding the eligibility rules for former foster youth and homeless youth.
- Adding tax breaks for education – for example, no income tax on federal Pell grants.
There are a lot of changes. The bulk of these changes that are considered detrimental to the taxpayer are for those taxpayers with taxable income greater than $400,000 (Single) and $450,000 (Married Filing Joint). If you’re in that category, you need to get together with your tax and investment advisor now to become more familiar with the rules that are going to affect your situation.
If you are a closely held business, there are issues that also should be considered and potentially planned for now. Get your business finances in order and get with your advisor.
If you have other targeted areas of these potential law changes with children, education, energy credits, etc., you should also start considering your situation and contact your advisor. At least ask the questions. Your advisor must digest a lot of this information, and a good question that is relevant will help them focus and learn more also.
The tax ramifications are comprehensive and complicated. For most taxpayers, the changes aren’t going to be in tax bracket rates. They will be in other areas such as child credits, plug-in vehicle credit or earned income tax credits. For business owners and investment-heavy taxpayers, more guidance and final facts are needed. There is a lot to digest. Now is the time to review your financial situation and see if there are planning techniques that can benefit you.
Kyra H. Morris, a Certified Financial Planner, is CEO of Morris Financial Concepts, Inc., in Mount Pleasant. A national leader in the financial planning profession, she has been named several times by leading magazines as one of the country’s top financial planners.
- Have a comment? Send to: editor@charlestoncurrents.com.
Bad idea to ban books and manufacture outrage
By Andy Brack, editor and publisher | With the 2022 political season right around the corner, it’s wholly predictable that it’s time for some kind of manufactured moral outrage by a Republican candidate to whip the troops in line.
This has been going on by both sides for years, as noted years ago by critic H.L. Mencken: “The whole aim of practical politics is to keep the populace alarmed (and hence clamorous to be led to safety) by menacing it with an endless series of hobgoblins, all of them imaginary.”
This week, Gov. Henry McMaster called for an immediate investigation at all of the state’s public schools into whether they had “obscene and pornographic materials.” He also ordered state police to probe whether any state laws had been broken.
Seems some parents in Fort Mill complained about a book titled Gender Queer: A Memoir, written by award-winning new author Maia Kobabe. The State newspaper reported the book is an autobiography “about how Kobabe dealt with being nonbinary while growing up.” But according to McMaster, it includes “sexually explicit and pornographic depictions which easily meet or exceed the statutory definition of obscenity.” That’s remarkably similar to what conservatives in other states have been saying for more than a month as they railed to get the book banned.
A reality check: By drawing attention to the book in the age of Amazon, the author probably now will sell more books here in little old South Carolina. Why? Because people — high school students, in particular — don’t like being told what to do. And if they can’t get a book in one place, they’ll find it some other place, including paying $16 to get it delivered.
A cynic might ask, “So what’s really going on here?” Let’s look at the political map. In a few months, the Republican Party will have its primary. On the ballot, again, will be McMaster, who counts on Christian conservatives as a big base of support. Meanwhile, it’s likely an Upstate challenger will emerge. So what’s a veteran candidate to do? Whip up a moral crisis to reacquaint Upstate voters with his moral fiber.
It’s not inconceivable McMaster’s political handlers have been lying in wait for just the right book, movie, speech, snub or slip of the tongue to use politically to energize base supporters. When they learned about Kobabe’s book being banned by a Virginia county school board and later challenged at schools in several states, they sprang.
While McMaster and supporters might get all hot and bothered about the issue, it’s never a good idea to ban a book. Trying to get rid of printed words and cartoons doesn’t get rid of ideas. You might not like what someone says, but what if someone wants to get rid of the words you use and write? Wouldn’t you cry, “Freedom of speech?”
Furthermore, banning a book or stomping on an idea you don’t like is in your frame of reference. It doesn’t take into account the perspective of others. The audience for the book isn’t the devout Christian in Greenville, but perhaps someone living in that home who is questioning God, religion, gender or something else.
Listen to what Kobabe wrote in an Oct. 29 opinion piece in The Washington Post: “Queer youth are often forced to look outside their own homes, and outside the education system, to find information on who they are. Removing or restricting queer books in libraries and schools is like cutting a lifeline for queer youth, who might not yet even know what terms to ask Google to find out more about their own identities, bodies and health.”
Let’s engage in politics over real ideas that make real differences in people’s lives — better education, better health care, improved roads, a cleaner South Carolina, more jobs, less poverty. Let’s not keep riding the downward spiral of moral outrage, fear and divisiveness.
P.S. Gender Queer is a “#1 Best Seller” right now on Amazon. Go figure.
Andy Brack is editor and publisher of Charleston Currents, and publisher of the Charleston City Paper. Have a comment? Send to: editor@charlestoncurrents.com.
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New bio highlights Reconstruction-era Senate leader
Editor’s Note: This story, originally published in the Charleston City Paper, follows up on a related Oct. 18 story in Charleston Currents, about a portrait now hanging in the Senate chamber.
By Herb Frazier, Charleston City Paper | Four years ago, Civil War historian and Mount Pleasant-based attorney Gordon C. Rhea began an exploration into the life and legacy of a little-known black Civil War hero.
A decade before Rhea’s research of soldier-turn-politician Stephen A. Swails, a private group had commissioned a portrait of Swails for the state South Carolina Senate chamber where he served after the Civil War.
A 13-year wait to place Swails’ portrait in the Senate recently ended when, after questions from a reporter, it was finally taken out of a closet and mounted in the chamber just in time for Rhea’s latest book. This month the Louisiana State University Press is scheduled to release Stephen A. Swails: Black Freedom Fighter in the Civil War and Reconstruction.
In other recent news:
Cole wins leadership award. MUSC President and Dr. David J. Cole is the 2021 recipient of the Joseph P. Riley Leadership, which the Charleston Metro Chamber announced last week. It will be presented to him on Dec. 3. “The Joseph P. Riley Leadership Award is conferred on a transformative leader who has a deep and meaningful impact on our area,” said Bryan Derreberry, president and CEO of the Charleston Metro Chamber. “Dr. Cole has and continues to provide compassionate, medically advanced and public health savvy leadership in a once-in-a-century global pandemic. He ‘willingly stepped into the gap’ to be the clear signal we all needed to navigate one of the most pressing crises in our region’s history.”
House redistricting plan ruffles feathers. While the Senate’s redistricting plan advanced out of committee with ease, the House’s plan has drawn bipartisan criticism that it discouraged competition, divided communities of interest, and did not allow sufficient time for informed public comment. More: The Post and Courier | AP News.
S.C. lawmaker looks at Texas-style abortion law. S.C. Sen. Larry Grooms, R-Berkeley, has called a controversial Texas abortion law, which allows private citizens to sue abortion providers, “a very novel approach,” hinting at a possible S.C. adaptation. More: The State.
Bond denied again for prominent attorney Murdaugh. Alex Murdaugh will likely remain in jail for many months while awaiting trial on charges of insurance fraud connected to the death of a housekeeper. Murdaugh’s wife and son were found shot to death at their family estate earlier this year, and Murdaugh is facing multiple cases claiming he stole from his law firm, stole insurance money from the heirs of a dead housekeeper, and sought to defraud insurance by trying to have an acquaintance shoot and kill him.
Leatherman, powerful Pee Dee senator, passes away. S.C. Sen. Hugh Leatherman, the powerful Florence Republican who chaired the Senate Finance Committee, died at home early Friday after a long battle with cancer. About three weeks ago following surgery for abdominal pain, an aggressive cancer was found. He then started receiving hospice care at home. Leatherman, 90, helped to direct state spending, economic development projects and infrastructure deals. Examples include luring Boeing to the state to make jets and greatly improving infrastructure at the S.C. State Ports Authority, where a new port terminal is named for him in North Charleston.
SC for Ed survey finds ‘potentially broken’ school system. A survey released by teacher advocacy group SC for Ed says public school staffing woes have been known for years and yet few actions have been made. The survey found that 38 percent of teachers planned to leave their current positions. In a related report in Charleston County, responses to a survey from 853 educators in the Charleston County School District detail a bleak education experience on both sides of the teacher’s desk.
- Want more headlines every business day that are like this? Visit our friends at SC Clips.
Guns promoted too loudly
To the editor:
Thank you for publishing your commentary. I have always abhorred the TV ads that this gun shop uses and thought surely there must be some actual FCC regulations against such promotion. Their manner of advertising preys on the public as much as advertising for payday loans.
Why are guns being promoted so loudly here in the Charleston area where gun violence with stolen and illegal guns is more common daily ? Methinks it is something more than making a profit!
— Freida McDuffie, Charleston, S.C.
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Peeking through the treetops
Here’s something peeking through the treetops. Where and what is it? Send your best guess to editor@charlestoncurrents.com. And don’t forget to include your name and the town in which you live. And if you’ve got a clever mystery photo for our readers, send it to the same address (Try to stump us!)
Our previous Mystery Photo
Last week’s mystery, “Six columns,” showed the new Dorchester County Courthouse in St. George. Congratulations to these readers who recognized it: Bill Segars of Hartsville; George Graf of Palmyra, Va.; Dan Fredman of Clarksville, Maryland; Allan Peel of San Antonio, Texas; and Jay Altman of Columbia.
Altman tells us that “The first Dorchester County Courthouse was built in 1898 and an addition was built in 1922. The second courthouse was completed in 1965. The third and present courthouse was completed in 2009.”
- Send us a mystery: If you have a photo that you believe will stump readers, send it along (but make sure to tell us what it is because it may stump us too!) Send it along to editor@charlestoncurrents.com.
Keb’ Mo’ returns Tuesday
Photo courtesy Gaillard.
Staff reports | Groundbreaking American roots musician Keb’ Mo’ and his band will return to the Lowcountry at 7:30 p.m. Nov. 26 with a performance at the Gaillard Center in downtown Charleston. Special guest is the Brother Brothers. Tickets start at $29.
“I may be turning 70,” Keb’ reflected in a press statement, “but I’m still breathing and I’m still hungry. I’m still out there going for it every single day.”
Keb’ Mo’, born Kevin Roosevelt Moore in 1951 in Compton, Calif., started his musical journey at 21 when he landed his first major gig playing with Jefferson Airplane violinist Papa John Creach. For the next 20 years, he would work primarily behind the scenes, establishing himself as a prolific guitarist, songwriter and arranger with a unique gift for linking the past and present in his evocative playing and singing. He now lives in Nashville and recently recorded a single with Charleston’s Darius Rucker. More info and tickets.
Also on the calendar:
Holiday Festival of Lights: 5:30 p.m. to 10 p.m, Nov. 12 through Dec. 31, James Island County Park.. Visitors can drive through the impressive three-mile light spectacle with more than 750 illuminated displays. The festival also includes other holiday activities like train rides, marshmallow roasting, a climbing wall and more. There also will be a Winter Wonderland, which features the area’s largest holiday sand sculpture made from more than 50 tons of sand. You and your family can also explore the shops, an enchanted walking trail and the amazing dancing light display. Tickets It is recommended that visitors purchase tickets in advance online.
Redux annual auction: 6 p.m. to 8:30 p.m., Nov. 20, Redux, 1056 King St., Charleston. Join the contemporary art center for its annual auction that will feature more than 100 artworks by national emerging and established artists. It’s a night full of art and fun. In person and virtually. More.
North Charleston art show: Through Nov. 24, Park Circle Gallery, 4820 Jenkins Ave., North Charleston. Mount Pleasant painter Brad Carroll and Johns Island artist Lee Garrard will be featured in this exhibition of paintings by the City of North Charleston Cultural Arts Department. Admission is free. The gallery is open 10 a.m. to 6 pm. Wednesdays through Fridays and noon to 4 p.m. on Saturdays.
Elf the Musical returns: Dec. 1-19, Dock Street Theatre, Charleston. The popular musical, sold out in Charleston in 2019, returns for several holiday performances by actors at Charleston Stage. Based on the 2003 film starring Will Ferrell, the musical tells the story of Buddy the Elf who is transported from Santa’s Workshop to New York City. Click here for times and tickets, which range from $32 for students to $36 to $75 for adults..
Winter Wonderland exhibit. Through March 27, 2022, Lowcountry Image Gallery, The Charleston Museum, 360 Meeting St., Charleston. This exhibit showcases colorized photographs of remarkable snow days captured by residents of Charleston dating to the late 19th and early 20th centuries. More on tickets and hours.
Birds of Prey flight demonstrations: 10:30 a.m. to 11:30 a.m. on Thursdays and Saturdays, Center for Birds of Prey, 4719 Highway 17. Awendaw. The center has reopened its doors to visitors after closing due to the COvID-19 pandemic, inviting people to once again come and explore the world of raptors through an outdoor program and flight demonstration. Tickets: . $20/adult; $15/children age 3-17.
Bird-watching at Caw Caw. Every Wednesday and Saturday — particularly through the end of February — you can see a plethora of birds at Caw Caw Interpretive Center in Ravenel as they make their way through the Lowcountry. The two-hour regular walks, which start at 8:30 a.m., are through distinct habitats that allow participants to view and discuss a variety of birds, butterflies, and other organisms. Registration is not required. Participants are encouraged to bring their own binoculars. A paid chaperone is required for participants ages 15 and under. Max. 10 participants. Fee: $9; free for Gold Pass holders. Open to all ages. More: Caw Caw Interpretive Center.
- For more events, see this calendar.
Farmers markets
Closing in November
Summerville Farmers Market: 8 a.m. to 1 p.m., every Saturday, First Citizens Bank parking lot near Town Hall, 200 S. Main Street, Summerville. More. Closes Nov. 20.
Charleston Farmers Market: 8 a.m. to 1 p.m., every Saturday, Marion Square, 329 Meeting St., Charleston. More. Tentative closing Nov. 27. Holiday market to open temporarily in December.
Closing in December
Holy City Farmers Market: 4 p.m. to 7 p.m., every Wednesday, Holy City Brewing, North Charleston. vendors rotate weekly to provide shoppers with a tiny but mighty shopping experience. vendors will be selling a range of products from specialty foods, home and body care to arts and crafts. More info. Closes Dec. 18 with holiday market.
Open year-round
West Ashley Farmers Market: 3 p.m. to 7 p.m., every Wednesday, Ackerman Park, 55 Sycamore Avenue, Charleston. More.
Sunday Brunch Farmers Market: 11 a.m. to 3 p.m., every Sunday, Charleston Pour House, 1977 Maybank Highway, James Island. While the market is discouraging people from spending too much time hanging out during the market, everyone is invited to shop their local vendors. More info.
Sea Island Farmers Market: 9:30 a.m. to 1:30 p.m., every Saturday. Charleston Collegiate Campus, 2024 Academy Rd., Johns Island. More.
Goose Creek Farmers Market: 9 a.m. to 1 p.m., every Saturday, 519 N. Goose Creek Blvd., Goose Creek. More.
- If you have any online events, drop us a line (editor@charlestoncurrents.com) and make sure to put “Online event” in the subject line. Similarly, if you’ve got cool ideas for stuff to do while in isolation at home, send them our way.
- ORDER NOW: Copies of our new book, 350 Facts About Charleston, are in Lowcountry-area bookstores now, but if you can’t swing by, you can order a copy online today.
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