South Carolina Statehouse Blog

Mr. Spratt owes it to local small business owners to reveal where he stands on extending the 2001 and 2003 tax cuts, which are scheduled to expire at the end of the year.

Lancaster, S.C. – State Senator Mick Mulvaney, Republican candidate for Congress (SC-5), today asked John Spratt to inform his constituents how he intends to vote on extending the 2001 and 2003 tax cuts.

“Mr. Spratt has failed to do his job and introduce a budget, and now he and other Democrat leaders are on the verge of passing a massive tax hike,” said Senator Mulvaney. “Mr. Spratt should make clear his stance on extending these tax cuts. He voted against them in 2001 and 2003, but with so many struggling to make ends meet it’s not too late to make things right and protect our District from further job losses.”

The Obama Administration and Capitol Hill Democrats claim to favor a plan that would only increase taxes on the “rich” and extend tax cuts for others. However, this approach ignores the fact that many small business owners include business revenue on their individual income tax forms. Also ignored is the fact that raising taxes on small businesses would prevent them from hiring new workers – which is the key to fostering a real, lasting economic recovery.

“These tax increases will fall on the backs of far too many small business owners, and in South Carolina our economy depends on the success of small businesses,” said Mulvaney. “This would absolutely affect our District’s already-high unemployment rate for the worse. As a Democrat leader, Mr. Spratt has the power to save thousands of jobs in South Carolina by extending all 2001/2003 tax cuts. Now is the time for him to stand up on behalf of the people of the Fifth District, not the liberal elite he’s been supporting so consistently in Congress.”

Quick Fact: According to the South Carolina Department of Revenue, of the state’s 68,738 full-time employers, 97.5% are small businesses. There are also 101,000 full-time self-employed persons in South Carolina.