Sen. Tim Scott, R-S.C., has urged Congress to extend the 2017 Tax Cuts and Jobs Act, warning during an appearance on Newsmax Wednesday that failure to do so would result in a $4 trillion tax increase for Americans.
"We've got to get these tax cuts done," Scott said on "Rob Schmitt Tonight" ahead of his scheduled meeting with former President Donald Trump. [The] "Tax Cuts and Jobs Act is what we passed in 2017. We need to extend them. And it would be, frankly, good to extend them permanently."
Scott, who chairs the Senate Banking Committee and the National Republican Senatorial Committee, emphasized that the discussion with Trump will focus on ensuring the tax cuts remain in place.
"President Trump promised on the campaign trail that he would take care of the 2017 TCJA," Scott said. "We need to make sure that we deliver for the American people. President Trump's promises made. Once again, he's keeping those promises."
The meeting comes as Senate Republicans face an uphill battle to pass a continuing resolution to fund the government. Senate Minority Leader Chuck Schumer, D-N.Y., said Wednesday that Republicans lack the necessary votes to advance the House-passed resolution.
"Republicans do not have the votes in the Senate to invoke cloture on the House CR," Schumer told reporters.
Although Republicans hold a 53-47 majority in the Senate, they need Democratic support to reach the 60 votes required for passage. Without an agreement, the threat of a partial government shutdown looms.
Scott, however, remained focused on the broader fiscal picture, stressing that extending the tax cuts is critical to protecting American taxpayers.
"Tomorrow, we'll have a robust conversation," Scott said. "How to make sure that we extend those tax cuts and avoid a $4 trillion tax increase."
The 2017 tax law, passed under the Trump administration, lowered corporate and individual tax rates. However, several provisions will expire in 2025 unless Congress acts.
Scott and other Republicans said that extending the tax cuts will provide economic stability, while Democrats contend that the pending resolution was crafted without Democrat input.
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Jim Thomas ✉
Jim Thomas is a writer based in Indiana. He holds a bachelor's degree in Political Science, a law degree from U.I.C. Law School, and has practiced law for more than 20 years.
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