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Washington
–
Earlier
this
morning,
after
months
of
deliberation
and
discussion,
the
U.S.
Senate
successfully
passed
the
historic
tax
reform
package,
Tax
Cuts
and
Jobs
Act,
a
yearlong
process
U.S.
Senator
Tim
Scott
(R-SC)
has
been
intimately
involved
with
since
the
working
group
first
launched.
The
final
bill
will
protect
more
of
Americans’
money
from
being
taxed,
enhances
significant
credits
like
the
Child
Tax
Credit,
and
maintains
important
features
like
the
Earned
Income
Tax
Credit,
and
deductions
for
mortgage
interest
and
charitable
contributions.
“From
day
one
our
priority
has
been
simple:
fix
the
broken
tax
code,
and
ensure
the
biggest
winners
from
tax
reform
are
our
hardworking
American
families
and
our
economy,”
said
Scott.
“And
that’s
exactly
what
we
delivered.
Folks
will
be
able
to
keep
more
of
their
hard-earned
money,
families
will
get
a
big
break
through
the
enhanced
Child
Tax
Credit,
and
our
corporate
tax
rate
will
finally
be
at
a
competitive
level
that
will
help
us
create
the
jobs
of
the
future
right
here
in
the
USA.
We
also
repealed
Obamacare’s
Individual
Mandate,
an
unfair
tax
that
overwhelmingly
burdens
our
middle
class
families.
After
years
of
a
stalled
economy
and
stagnant
wages,
tax
reform
will
help
generate
the
type
of
economic
growth
we
have
been
lacking.”
The
last
time
the
U.S.
tax
code
was
overhauled
was
more
than
thirty
years
ago.
Already,
the
new
legislation
is
expected
to
bring
economic
relief
to
workers
and
families,
and
is
also
forecasted
to
strengthen
the
U.S.
economy.
A
recent
study
of
the
Tax
Cuts
and
Jobs
Act
has
predicted
that
the
bill
is
set
to
boost
our
national
GDP
by
1.7
percent,
will
create
tens
of
thousands
of
new
jobs,
and
increase
wages
by
1.5
percent.
Additionally,
a
typical
family
of
four
making
$73,000
is
expected
to
see
about
a
$2,000
tax
cut
or
60
percent
reduction,
while
single
parents
making
around
$41,000
will
see
about
a
$1,400
tax
cut
or
75
percent
reduction
in
their
overall
tax
bill.
Around
this
time
last
year,
Scott
was
asked
by
Senate
Finance
Chairman
Sen.
Orrin
Hatch
to
be
one
of
the
key
conduits
of
the
tax
reform
overhaul
process.
Scott
joined
a
small
group
of
lawmakers
including,
Senators
Rob
Portman
(R-OH),
Pat
Toomey
(R-PA),
and
John
Thune
(R-SD),
who
took
the
lead
in
drawing
in
the
support
that
was
invaluable
in
securing
the
bill’s
passage
in
the
Senate.
They
were
dubbed
the
‘core
four’
on
tax
reform
by
the
Senate
Majority
Leader
Mitch
McConnell
(R-KY).
Earlier
this
month,
Scott,
alongside
the
other
members
of
the
‘core
four’
team,
joined
a
group
of
eight
Senate
Republicans
who
sat
on
the
Tax
Reform
Conference
Committee
and
oversaw
the
further
advancement
of
this
historic
legislation.
Throughout
the
process,
Scott
was
able
to
advocate
for
key
provisions
that
made
it
in
the
final
version
of
the
tax
bill
including
the
following:
- Expansion
of
the
Child
Tax
Credit
–
Instead
of
receiving
$1,000/child
credit,
families
will
be
able
to
receive
$2,000/child,
a
change
specifically
made
to
help
average
American
families.
Scott
worked
extensively
with
several
of
his
colleagues,
especially
Sen.
Marco
Rubio
(R-FL),
on
this
provision
and
in
the
end
was
able
to
secure
a
larger
break
for
families,
by
making
$1,400
of
the
tax
credit
fully
refundable
for
tax
payers
in
the
lower
tax
brackets.
Read
more
about
their
work
together
here.
- Retained
the
10%
income
bracket
– Wanted
to
make
sure
our
most
economically
disadvantaged
Americans
continue
to
get
taxed
at
a
low
rate.
- Inclusion
of
the
Investing
in
Opportunity
Act
–
The
IIOA
will
provide
an
opportunity
for
U.S.
investors
to
use
a
temporary
capital
gains
deferral
in
exchange
for
investing
the
capital
in
distressed
communities
across
the
country.
This
is
an
initiative
that
has
the
potential
to
positively
impact
up
to
52
million
Americans
living
in
these
communities.
- Simplification
of
the
Tax
Code
– Nine
out
of
10
households
will
be
able
to
do
their
taxes
using
the
expanded
standard
deduction,
which
will
save
considerable
time
and
resources
in
filing
taxes.
- Prevented
the
“Rothification”
of
individual
retirement
accounts
– By
preserving
the
unique
features
of
the
IRA,
tax
payers
will
be
able
to
continue
to
save
for
their
future
without
having
to
worry
about
immediate
taxation
by
the
federal
government.
- Maintained
Mortgage
Interest
Deduction
– Wanted
to
ensure
homeowners
are
able
to
continue
to
benefit
from
a
popular
deduction
used
by
thousands
of
Americans.
He
was
behind
key
negotiations
that
helped
to
make
the
home
mortgage
interest
deduction
available
up
to
$750,000.
- Relief
to
Our
Small
Businesses
– Helped
to
advocate
for
tax
relief
for
our
small
businesses,
which
are
the
backbone
of
our
economy.
Now
that
the
Tax
Cuts
and
Jobs
Act
has
passed
the
Senate,
it
is
expected
to
be
voted
on
again
in
the
House
sometime
today
before
it
goes
to
the
President
for
final
approval
and
signature.
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