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Gov. Sanford Continues Push for Additional Income Tax Relief
PRESS RELEASE
April 15, 2005
Greer, S.C. - April 15, 2005 - Gov. Mark Sanford, a day after signing legislation to cut the income tax rate for small businesses from 7% to 5%, visited two small businesses in South Carolina to make the case for additional job-creating income tax relief. Over 2 million South Carolinians will file their income tax returns today with no relief in sight - a situation that could have changed had the South Carolina Senate gone along with Gov. Sanford's proposal to cut the income tax rate for all South Carolinians (small businesses included) from 7% to 4.75% over time. That proposal overwhelmingly passed the State House of Representatives in each of the past two legislative sessions.
"We're simply saying that with the nation's third-highest unemployment rate and our personal income levels lagging behind the rest of the nation, we've got to get our economy firing on all cylinders," Gov. Sanford said. "Obviously the tax cut for small businesses is a big step in the right direction, but we're currently doing nothing to attract a growing number of retirees, management teams and most importantly - we're doing nothing for the individual taxpayers of South Carolina. I'm glad we've gotten tax relief for the small business owner, I'm disappointed more friends in the Senate weren't willing to provide it to the small business employee."
After signing the small business tax cut into law yesterday, Gov. Sanford said providing income tax relief for all South Carolinians would continue to be his administration's top legislative priority - particularly in light of the fact that $600 million in new revenue is projected to flow into state coffers in this coming fiscal year alone. The governor's income tax relief plan - paid for entirely out of government growth - would make sure that more of that surplus revenue went back into the economy where it will grow jobs, not back to Columbia where it will grow government.
"It's a simple question I think all of us as fiscal conservatives need to ask ourselves, do we want to grow government or do we want to grow our economy?" Gov. Sanford said. "As our revenue situation continues to improve at the state level, we're going to keep pushing for more of that money to go back to the taxpayers of South Carolina."
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