Tim Scott says the Republican tax plan is about 'hashtag keep yo money'


Republicans unveiled their tax reform plan Wednesday, with Sen. Tim Scott (R-S.C.) even giving the proposal its own hashtag: #KeepYoMoney.
The reform technically raises the taxes of the lowest income bracket and lowers the taxes of the highest income bracket, although the plan is being sold as a win for the middle class because it will also double the standard deduction for all taxpayers: "In the end, even the lowest rates get a tax cut," explained Rep. Jim Renacci (R-Ohio). Additionally, Republicans have promised to "make America the jobs magnet of the world" by cutting the federal tax on corporate profits to 20 percent, down from 35 percent.
"It's about growing our economy so the jobs of the future are created and manifested here at home," Scott explained Wednesday. "If I could say it as simple as possible, I would say that this tax reform conversation is about hashtag 'keep yo money.'"
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Not everyone agrees the reforms would work out as Scott suggests. Read why cutting the corporate tax rate may not actually help U.S. workers at The Week, and listen to Scott below. Jeva Lange
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Jeva Lange was the executive editor at TheWeek.com. She formerly served as The Week's deputy editor and culture critic. She is also a contributor to Screen Slate, and her writing has appeared in The New York Daily News, The Awl, Vice, and Gothamist, among other publications. Jeva lives in New York City. Follow her on Twitter.
-
Trump DOJ indicts New York AG Letitia James
Speed Read New York Attorney General Letitia James was indicted as Trump’s Justice Department pursues charges against his political opponents
-
Judge blocks Trump’s Guard deployment in Chicago
Speed Read The president is temporarily blocked from federalizing the Illinois National Guard or deploying any Guard units in the state
-
Trump urges jail for Illinois, Chicago leaders
Speed Read The Texas National Guard begin operations in the Chicago area
-
Bondi stonewalls on Epstein, Comey in Senate face-off
Speed Read Attorney General Pam Bondi denied charges of using the Justice Department in service of Trump’s personal vendettas
-
Court allows Trump’s Texas troops to head to Chicago
Speed Read Trump is ‘using our service members as pawns in his illegal effort to militarize our nation’s cities,’ said Gov. J.B. Pritzker
-
Judge bars Trump’s National Guard moves in Oregon
Speed Read In an emergency hearing, a federal judge blocked President Donald Trump from sending National Guard troops into Portland
-
Museum head ousted after Trump sword gift denial
Speed Read Todd Arrington, who led the Dwight D. Eisenhower Presidential Library and Museum, denied the Trump administration a sword from the collection as a gift for King Charles
-
Trump declares ‘armed conflict’ with drug cartels
speed read This provides a legal justification for recent lethal military strikes on three alleged drug trafficking boats