‘Ignorant about economics’: Sen Tim Scott slammed for saying Biden is ‘willing to tank economy’ by letting Trump-era tax cuts expire

COLUMBIA, SOUTH CAROLINA: President Biden's tax policy faces stark criticism from Senator Tim Scott, a Republican from South Carolina.

Scott slammed Biden, accusing him of being "willing" to damage America's economy without a valid reason.

Debate over tax cuts

"The bottom line is a very simple one," Scott stated in an interview with Fox News. "You allow for more than $2.4 trillion of tax cuts to expire, that means you own the largest tax increase on the American people in the history of the country."

The focal point of the controversy revolves around the Tax Cuts and Jobs Act of 2017, a significant piece of legislation that reduced tax rates across various income brackets and lowered the corporate tax rate. Scott, who played a pivotal role in crafting the 2017 tax reform, expressed concerns over Biden's intention to let these tax cuts expire if he is reelected.

President Biden has argued that the 2017 tax cuts disproportionately favored the wealthy and large corporations, contributing to an increase in the federal debt.

"That tax cut is going to expire," Biden posted on X. "If I’m reelected, it’s going to stay expired."

According to him, the legislation "overwhelmingly benefited the wealthy and biggest corporations and exploded the federal debt".

Scott, however, declared that Biden's suggestion that the tax cuts added to the national debt was "hogwash".

The disagreement between Biden and Scott highlights a broader ideological divide on tax policy and its implications for economic growth and income distribution.

While Scott and other Republicans argue that the tax cuts spurred economic growth and benefited all Americans, Biden and his supporters contend that they primarily favored the wealthy and exacerbated income inequality.

The debate has intensified as the 2024 general election approaches, with both parties positioning themselves on opposite ends of the spectrum regarding tax policy. Trump campaign spokesperson Karoline Leavitt criticized Biden's proposed tax hike, claiming it would significantly burden American families already grappling with inflation.

"President Trump proudly passed the largest tax cuts for hardworking Americans in history," Leavitt said.

"Joe Biden is proposing the largest tax hike ever, which would take nearly $40,000 dollars away from the average American family who is already losing thousands every year due to Biden's record-high inflation crisis."

Previewing a potential second term for Trump, Leavitt said he would seek "more tax cuts for workers, families, and all Americans and reinvigorate America's energy industry to bring down inflation, lower the cost of living, and pay down our debt." 

Scott reiterated his concerns about the economic impact of Biden's tax policy. He argued that Biden's policies would impede the growth of American businesses, especially since the President has promised to hike the corporate tax rate to 28%.

"You're taking America from a mediocre competitive position and then making us uncompetitive, which means that our American companies will then face headwinds, which is only going to devastate our economy more," Scott argued. "If he has had any benefits coming into office, it's the strength of the economy built under President Trump."

"When you see the stock market doing well, when you see the unemployment rates relatively low, those are indicators, but they're not strong indicators of the health of the economy," he explained, saying that wage increases in relation to inflation is a stronger indicator.

"What we saw for 52 consecutive paychecks was inflation was higher than wage increases, which meant that even with higher income, you still lost spending power," Scott added. 

According to White House spokesperson Michael Kikukawa, Biden's recent social media post was simply reiterating the policies already released in his budget. 

"He would let the Trump tax cuts expire for the wealthy, while protecting all Americans making less than $400,000 from any tax increases," Kikukawa told Fox News. "Trump and congressional Republicans are responsible for the reckless cliff in the Trump tax cuts. They are the reason taxes are scheduled to increase for the middle class after 2025, and they would raise taxes on middle-class families even more by repealing the Affordable Care Act and the Inflation Reduction Act."

The debate surrounding tax policy extends beyond partisan politics, with experts weighing in on the potential consequences of letting the tax cuts expire. Tax attorney Adam Brewer warned of a possible tax increase for middle-class Americans if Congress fails to extend the cuts or implement new tax policies.

Brewer said Congress will likely "feel significant pressure to extend some of the more popular elements, like higher standard deductions and the 20% qualified business income deduction," adding, "If Congress doesn't take action to extend the cuts or pass new tax cuts, then the average American can expect a larger tax bill in Tax Year 2026."

As tensions escalate, Vice President Kamala Harris' planned Nationwide Economic Opportunity Tour has further fueled the controversy. Scott ridiculed the initiative, suggesting it should be an "economic apology tour" to address the negative impacts of Biden's economic policies.

"If I were her, I would stay home," Scott said. 

Tim Scott faces backlash online

The South Carolina Republican, however, faced backlash from the left after he said Biden was "willing to tank America's economy for no actual purpose".

"Nope .. trump's tax cuts benefited only the rich. We all know Trump, or any other Republican, would NEVER do anything for the working class... EVER!! (that's why they're so anti-union)," one posted on X.

"Tim Scott has no clue what he's talking about," another wrote.

"Tim Scott is a liar and ignorant about economics," someone else added.

"It is like they live in a bizarro world," another commented.

This article contains remarks made on the Internet by individual people and organizations. MEAWW cannot confirm them independently and does not support claims or opinions being made online.