Speed Reads

death and taxes and more taxes

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.'"

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