April
15,
2005
Reported by: Kristen Cosby
A tax break for South Carolina’s small business and
Governor Mark Sanford came to Aiken today to spread the
word.
South Carolina has the third largest unemployment rate
in the nation. And Gov. Sanford says the plan he signed into
law yesterday will change that.
South Carolina’s newest law means more money in the
register at Aiken Office Supply and Book Shop. Tax rates for
small businesses will drop two percent. The cut means tens of
thousands of extra dollars for the bookstore.
“It will free up some of our own money, two percent
doesn’t seem like a lot, but over four years it does add up,”
said Allen Street, Aiken Office Supply.
And the tax cut will help the entire community. This
store says they’ll have enough money to hire another
employee.
Job creation is why Governor Mark Sanford, Senator Greg
Ryberg and Representative Skipper Perry pushed for this
law.
“And if more small business in South Carolina added
just one employee, two employees we would not be in the
predicament we’re in,” Gov. Sanford said.
That predicament is South Carolina’s high unemployment
rate. Governor Sanford says he’ll continue to fight it,
showing off the pen he saved in hopes to sign an income tax
reduction next year.
“We think it’s very important to give tax payers a
dividend of their own money back to them as opposed to
spending it all in Columbia,” Gov. Sanford said.
Another reason this tax cut is good, is it helps the
small stores compete with the chains. The tax rate for larger
stores is already the lower rate small businesses will now
pay.