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WASHINGTON
–
U.S.
Senator
Tim
Scott
said
during
last
night’s
CNN
debate
that
his
bipartisan
Investing
in
Opportunity
Act,
which
is
included
in
the
Senate’s
Tax
Package,
will
help
bring
long-term
investment
to
distressed
communities.
https://youtu.be/tubj3XiGtDU
Transcript:
"There
is
a
way
for
us
to
make
sure
that
the
middle-income
folks
have
more
of
their
own
money
to
take
home
in
each
paycheck.
As
a
part
of
the
tax
bill,
there's
an
Investing
in
Opportunity
Act
that
I
sponsored.
My
co-sponsors
are
Cory
Booker,
Senator
Peters
from
Michigan…Democrat,
Mike
Bennett…Democrat.
There
is
a
bipartisan
coalition
looking
for
ways
to
address
the
needs
of
the
distressed
communities,
where
50
million
Americans
live.
If
we
want
to
do
the
right
thing,
this
is
one
of
those
opportunities."
There
are
currently
52
million
Americans
living
in
distressed
communities
across
the
country,
and
trillions
of
dollars
in
unrealized
capital
gains
sitting
on
the
sidelines.
The
IIOA
would
provide
an
opportunity
for
U.S.
investors
to
use
a
temporary
capital
gains
referral
in
exchange
for
investing
the
capital
in
these
communities.
This
public-private
partnership
will
create
new
channels
for
investment
that
will
grow
jobs,
inspire
entrepreneurship,
and
improve
the
local
economy
for
future
generations.
Republican
co-sponsors
include:
Senators
Shelley
Moore
Capito
(R-WV),
Joni
Ernst
(R-IA),
Cory
Gardner
(R-CO),
Rob
Portman
(R-OH),
and
Todd
Young
(R-IN).
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