US Sen. Tim Scott (R, SC) posted a video early Wednesday morning after the Senate passed the tax overhaul bill, which he said would help the average American family see about a 60 percent tax cut.
The bill features tax cuts totaling nearly $1.5 trillion over the next decade and would take effect in January. Workers will start to see changes in the amount of taxes withheld from their paychecks in February.
The Senate made minor changes so the bill would comply with Senate budget rules, so the bill will now head back to the House for one final vote before heading to President Trump’s desk.
Below is Tim Scott’s video response and a transcript:
“Today is a great day for families across the nation and at home, in South Carolina.
Our tax plan accomplishes two major goals – keeping more money in your paychecks, and ensuring the jobs of the future are created here in the United States.
We’re doubling the standard deduction. We’re doubling the Child Tax Credit – these provisions actually help the average American family see almost a 60 percent cut in their taxes.
The bill also includes my Investing in Opportunity Act, which will drive more investment in distressed communities.
And by reforming our business tax system, we are making America competitive in the global economy again. In fact, in a recent survey around 7,000 manufacturing CEOs said that tax reform would do one of three things: hire more people, increase wages or improve benefits.
These are all wins for average families. Families that have for too long felt like Washington could not see them and did not listen.
The Tax Cuts and Jobs Act is a Christmas present for hardworking families from Charleston to Greenwood, and from Charlotte to Portland.
For the first time in a generation, tax reform is finally here.”READ MORE: Senate passes GOP tax bill, returns to House
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