Tim Scott unveiled his new economic plan — Build, Don't Borrow — that will stop runaway government spending, cut taxes, get Americans working, and unleash American manufacturing and energy production.
WASHINGTON, DC– This morning, Tim Scott joined Squawk Box on CNBC to discuss his new economic plan. Tim's plan will stop borrowing and start building to create a future Made in America. As President, he will accomplish this by cutting government funding, unleashing American energy, and cutting taxes.
Joe Kernan: The latest from the Census Bureau, median real income for Americans was $78,250 in 2019 — 2022, it was down almost $4000. We've gotten nowhere. $74,580. What does your plan do to try to reverse that trend?
Tim Scott: Well, one of the things we have to remember is that under Joe Biden, we have 52 consecutive paychecks where our spending power went down. One of the ways that we can increase our spending power is to lower the tax burden on our paychecks. My plan cuts taxes, which requires us to cut spending and cut government as well. So think about the 2017 Tax Cuts and Jobs Act that I helped write — that provided the average family about $4,400 back in their paychecks. They got to keep their own money. Let's do that again. Let's make those tax cuts permanent, not just let them end in 2025, but let's make them permanent. At the same time, the Inflation Reduction Act, which is a very interesting name for Joe Biden's plan, increase taxes. We have to rescind those tax increases and eliminate the 87,000 IRS agents that will be hired over 10 years, so that we focus more of our attention and our time on the things that encourages and creates economic activity in our nation.
Tim Scott, Scott Campaign Press Release - Tim Discusses New Economic Plan On CNBC Squawk Box Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/367704