President Clinton's strategy to strengthen the economy is based on reducing the federal budget deficit, lowering trade barriers, and empowering workers, families, businesses and communities to succeed. Here are some of the results for the nation and South Carolina after the first two years of the Clinton Administration:
28 TIMES MORE SOUTH CAROLINA FAMILIES RECEIVE A TAX CUT THAN A TAX INCREASE: As a result of the expanded Earned Income Tax Credit, 306,881 working families in South Carolina will receive a tax cut. This compares to an increase in the income tax rate for only the 10,884 wealthiest taxpayers in South Carolina.
TAX CUT FOR 15,218 SMALL BUSINESSES IN SOUTH CAROLINA: The President helped entrepreneurs, proprietors, and other small businessmen and women by expanding the annual expensing allowance from $10,000 to $17,500. About 15,218 small businesses in South Carolina are likely to benefit from the expansion of the expensing allowance this year alone and many more will benefit over the coming years.
590,000 SOUTH CAROLINA WORKERS PROTECTED BY FAMILY AND MEDICAL LEAVE ACT: The Family and Medical Leave Act allows workers to take up to 12 weeks of unpaid leave for the birth of a child, to care for a sick family member, or if they become too sick to work. This law covers about 589,586 workers in South Carolina, and protects the jobs of 35,419 workers in South Carolina who are likely to use unpaid leave this year alone.
82,000 STUDENTS AND FORMER STUDENTS IN SOUTH CAROLINA WILL BE ABLE TO BENEFIT FROM STUDENT LOAN REFORMS: Approximately 82,000 South Carolina borrowers -- 57,400 current borrowers and 24,600 new borrowers in the next few years -- can take advantage of the new direct student loan program by participating directly in the program or by consolidating guaranteed loans into direct loans. Some will benefit from lower interest rates, and all will benefit from more repayment options, including income contingent repayment.