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Tim Scott on Tax Reform

 

 


Laffer Curve still works; lower taxes means higher revenue

Sen. Tim Scott: You have to cut taxes. When we cut taxes in 2017, I wrote the Tax Cuts and Jobs Act. Revenue went up by 3% and the next year it went up by another 3%. So what we know is that the Laffer Curve still works, for the lower the tax, the higher the revenue. And finally, if we're going to deal with it, we have to take our annual appropriations back to pre-2020, pre-COVID levels of spending, which would save us about a half a trillion dollars in the next budget window.
Source: NBC News 2023 Republican primary debate in Miami , Nov 8, 2023

Critical to have a tax code should encourage growth

I started my own successful small business. That's why I know it is critical for us to have a tax code that encourages growth. We actually saw revenues to the Treasury increase after we lowered taxes in 2017. Rest assured, Democrats do not want you to know that!
Source: Speech at 2020 Republican National Convention , Aug 25, 2020

Taxpayer Protection Pledge: no new taxes.

Scott signed Americans for Tax Reform "Taxpayer Protection Pledge"

Politicians often run for office saying they won`t raise taxes, but then quickly turn their backs on the taxpayer. The idea of the Pledge is simple enough: Make them put their no-new-taxes rhetoric in writing.

In the Taxpayer Protection Pledge, candidates and incumbents solemnly bind themselves to oppose any and all tax increases. While ATR has the role of promoting and monitoring the Pledge, the Taxpayer Protection Pledge is actually made to a candidate`s constituents, who are entitled to know where candidates stand before sending them to the capitol. Since the Pledge is a prerequisite for many voters, it is considered binding as long as an individual holds the office for which he or she signed the Pledge.

Since its rollout with the endorsement of President Reagan in 1986, the pledge has become de rigeur for Republicans seeking office, and is a necessity for Democrats running in Republican districts.

Source: Americans for Tax Reform "Taxpayer Protection Pledge" 10-ATR on Aug 12, 2010

Adopt a single-rate tax system.

Scott signed the Contract From America

The Contract from America, clause 4. Enact Fundamental Tax Reform:

Adopt a simple and fair single-rate tax system by scrapping the internal revenue code and replacing it with one that is no longer than 4,543 words--the length of the original Constitution.

Source: The Contract From America 10-CFA04 on Jul 8, 2010

Repeal tax hikes in capital gains and death tax.

Scott signed the Contract From America

The Contract from America, clause 10. Stop the Tax Hikes:

Permanently repeal all tax hikes, including those to the income, capital gains, and death taxes, currently scheduled to begin in 2011.

Source: The Contract From America 10-CFA10 on Jul 8, 2010

Replace income tax & estate tax with 23% sales tax.

Scott co-sponsored Fair Tax Act of 2011

    Congress finds the Federal income tax--
  1. retards economic growth and has reduced the standard of living
  2. impedes the international competitiveness of US industry
  3. reduces savings and investment by taxing income multiple times
  4. slows the capital formation necessary for real wages to steadily increase
  5. lowers productivity
  6. imposes unacceptable and unnecessary administrative and compliance costs
  7. is unfair and inequitable
  8. unnecessarily intrudes upon the privacy and civil rights of US citizens
  9. impedes upward social mobility.
    Findings Relating to National Sales Tax- Congress finds further that a broad-based national sales tax on goods and services purchased for final consumption--
  1. is similar in many respects to the sales and use taxes in place in 45 of the 50 States
  2. will promote savings and investment
  3. will promote fairness
  4. will promote economic growth
  5. will raise the standard of living
  6. will increase investment
  7. will enhance productivity and international competitiveness
  8. will reduce administrative burdens on the American taxpayer
  9. will improve upward social mobility; and
  10. will respect the privacy interests and civil rights of taxpayers.
Source: H.R.25 11-HR025 on Jan 5, 2011

Permanently repeal the estate tax.

Scott co-sponsored Death Tax Repeal Act

Congressional Summary:

OnTheIssues Explanation: At the end of 2010, the temporary one-year suspension of the estate tax ended. This bill proposes to make it permanent, with zero exemption. The `exemption` means the amount one can inherit without taxation. In 2009 the rate was 45% and the exemption amount was $3.5 million. On January 1, 2010 a `one year repeal` of the tax was effectuated by a temporary, one-year-only rate of 0%. On January 1, 2011 the estate tax is scheduled to a top rate of 35% and the exemption amount is scheduled to be $5 million, or $10 million for married couples.

Source: HR143&HR177 11-HR143 on Jan 5, 2011

Supports the Taxpayer Protection Pledge.

Scott signed the Taxpayer Protection Pledge against raising taxes

[The ATR, Americans for Tax Reform, run by conservative lobbyist Grover Norquist, ask legislators to sign the Taxpayer Protection Pledge in each election cycle. Their self-description:]

In the Taxpayer Protection Pledge, candidates and incumbents solemnly bind themselves to oppose any and all tax increases. Since its rollout in 1986, the pledge has become de rigeur for Republicans seeking office, and is a necessity for Democrats running in Republican districts. Today the Taxpayer Protection Pledge is offered to every candidate for state office and to all incumbents. More than 1,100 state officeholders, from state representative to governor, have signed the Pledge.

The Taxpayer Protection Pledge: `I pledge to the taxpayers of my district and to the American people that I will: ONE, oppose any and all efforts to increase the marginal income tax rate for individuals and business; and TWO, oppose any net reduction or elimination of deductions and credits, unless matched dollar for dollar by further reducing tax rates.`

Opponents` Opinion (from wikipedia.com):In Nov. 2011, Sen. Harry Reid (D-NV) claimed that Congressional Republicans `are being led like puppets by Grover Norquist. They`re giving speeches that we should compromise on our deficit, but never do they compromise on Grover Norquist. He is their leader.` Since Norquist`s pledge binds signatories to opposing deficit reduction agreements that include any element of increased tax revenue, some Republican deficit hawks now retired from office have stated that Norquist has become an obstacle to deficit reduction. Former Republican Senator Alan Simpson, co-chairman of the National Commission on Fiscal Responsibility and Reform, has been particularly critical, describing Norquist`s position as `no taxes, under any situation, even if your country goes to hell.`

Source: Taxpayer Protection Pledge 12-ATR on Jan 1, 2012

Opposes increasing income tax rates.

Scott opposes the CC survey question on income taxes

The Christian Coalition Voter Guide inferred whether candidates agree or disagree with the statement, 'Increase Federal Income Taxes or Income Tax Rates' The Christian Coalition notes, "You can help make sure that voters have the facts BEFORE they cast their votes. We have surveyed candidates in the most competitive congressional races on the issues that are important to conservatives."

Source: Christian Coalition Survey 16_CC11a on Nov 8, 2016

Supports eliminating the death tax.

Scott supports the CC survey question on inheritance taxes

The Christian Coalition Voter Guide inferred whether candidates agree or disagree with the statement, 'Permanent Elimination of the "Death Tax"' The Christian Coalition notes, "You can help make sure that voters have the facts BEFORE they cast their votes. We have surveyed candidates in the most competitive congressional races on the issues that are important to conservatives."

Source: Christian Coalition Survey 16_CC11b on Nov 8, 2016

Other candidates on Tax Reform: Tim Scott on other issues:
2024 Republican Presidential Candidates:
Gov. Doug Burgum (R-ND)
Gov. Chris Christie (R-NJ)
Gov. Ron DeSantis (R-FL)
Larry Elder (R-CA;withdrew)
Gov. Nikki Haley (R-SC)
Rep. Will Hurd (R-FL;withdrew)
Gov. Asa Hutchinson (R-AR)
Perry Johnson (R-IL)
Mayor Steve Laffey (R-RI)
Former V.P.Mike Pence (R-IN;withdrew)
Vivek Ramaswamy (R-OH)
Sen. Tim Scott (R-SC)
Secy. Corey Stapleton (R-MT)
Mayor Francis Suarez (R-FL;withdrew)
Former Pres.Donald Trump (R-NY)

2024 Democratic and 3rd-party primary candidates:
Pres. Joe Biden (D-DE)
V.P.Kamala Harris (D-CA)
Robert F. Kennedy, Jr. (I-NY)
Chase Oliver (L-GA)
Rep.Dean Phillips (D-MN)
Jill Stein (Green)
Cornel West (Green Party)
Kanye West (Birthday Party)
Marianne Williamson (D-CA)
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External Links about Tim Scott:
Wikipedia
Ballotpedia





Page last updated: Jan 24, 2024; copyright 1999-2022 Jesse Gordon and OnTheIssues.org