Scott on Senate Tax Package: My IIOA Offers a Bipartisan Solution
WASHINGTON – U.S. Senator Tim Scott said during last night’s CNN debate that his bipartisan Investing in Opportunity Act, which is included in the Senate’s Tax Package, will help bring long-term investment to distressed communities.
“There is a way for us to make sure that the middle-income folks have more of their own money to take home in each paycheck.
As a part of the tax bill, there’s an Investing in Opportunity Act that I sponsored. My co-sponsors are Cory Booker, Senator Peters from Michigan…Democrat, Mike Bennett…Democrat. There is a bipartisan coalition looking for ways to address the needs of the distressed communities, where 50 million Americans live. If we want to do the right thing, this is one of those opportunities.”
There are currently 52 million Americans living in distressed communities across the country, and trillions of dollars in unrealized capital gains sitting on the sidelines. The IIOA would provide an opportunity for U.S. investors to use a temporary capital gains referral in exchange for investing the capital in these communities. This public-private partnership will create new channels for investment that will grow jobs, inspire entrepreneurship, and improve the local economy for future generations. Republican co-sponsors include: Senators Shelley Moore Capito (R-WV), Joni Ernst (R-IA), Cory Gardner (R-CO), Rob Portman (R-OH), and Todd Young (R-IN).