Scott’s plan would make Trump-era tax cuts permanent, rescind President Joe Biden’s Inflation Reduction Act and impose “welfare reform work requirements.”
Sen. Tim Scott, R-S.C., advocated for cutting taxes and slashing government spending as part of his presidential campaign's new economic plan.
Scott backed economist Art Laffer's theory that helped popularize the view that cutting taxes will unleash enough additional economic activity to generate an increase in tax revenue. Scott's plan would make the Trump-era tax cuts permanent, rescind President Joe Biden's Inflation Reduction Act and impose"welfare reform work requirements."
Sen. Tim Scott, R-S.C., on Thursday advocated for cutting taxes and slashing government spending, including targeting welfare programs, as part of his presidential campaign's newScott, touting his new plan on CNBC's"Squawk Box," argued that his system would ultimately usher more money into the country's coffers.Sign up for NBC LA newsletters.
Lowering taxes"creates and encourages capital to come off the sidelines, and when that happens you see growth to the revenue in the Treasury," Scott said.
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