Scott Accuses Biden of Causing Economic Crisis without Logic over Tax Policy

Renewing his criticism towards President Joe Biden’s proposed tax policy, Senator Tim Scott from South Carolina accused the president of being willing to cause an economic crisis without any logical explanation. This allegation follows a recent statement made by Biden regarding his intention to let some tax cuts introduced under former President Donald Trump expire if he is re-elected in 2024. The Tax Cuts and Jobs Act, which reduced taxes for almost all income brackets while also decreasing the corporate rate, will come into effect again after December 2025 depending on who holds power at that time.
Scott, a key advocate of this legislation during its passage in 2017, claimed that Biden’s suggestion that an increase in national debt was caused by these tax cuts is “nonsense”. He went further to say that the president does not seem to understand how private businesses operate as he proposes raising corporate taxes from their current rate of 21% back up to 28%. Scott argued that this move would make American companies less competitive, leading to more economic difficulties.
The senator also criticised Biden’s claim that these tax cuts primarily benefited wealthy individuals and corporations, stating it is incorrect given the macroeconomic improvements achieved under Donald Trump prior to Biden’s presidency. He emphasized that any positive indicators in this regard should not be interpreted as signs of a strong economy because they fail to account for inflation which has significantly eroded Americans’ spending power during Biden’s tenure, with wage increases failing to keep up with price hikes over the past 52 weeks.
Scott also criticised Vice President Kamala Harris who is scheduled to embark on an economic tour in Atlanta and Detroit shortly thereafter saying “If I were her… I’d stay at home” for apologising for Bidenomics’ negative impact, particularly regarding high food costs and gas prices that have become commonplace under the current administration. He concluded by highlighting Harris should use this opportunity to acknowledge how slow economic growth has affected Americans in general.
Tax attorney Adam Brewer warned that if Congress fails to extend some of these tax cuts or introduce new ones before December 2025, many middle-class households will have to pay higher taxes starting from the following year’s income statements (tax year 2026).