Sen. Tim Scott’s amendment in tax plan aims to help low-income communities without a gov’t program
Sen. Tim Scott said Monday that his amendment aims to uplift communities in crisis without creating another government agency or program.
“We could see major private sector dollars being invested in distressed communities — no new bureaucracy, no new government programs — simply an incentive package to provide access to opportunities for kids who grew up in single-parent households, like myself,” Mr. Scott, South Carolina Republican, said on Fox News.
The senator introduced the Investing in Opportunity Act last year as part of the Republican tax plan. The bill creates a tax benefit for businesses to invest in lower-income communities through a temporary capital-gains referral exchange.
“In these distressed communities, we could see a phenomenal transformation of the unemployment rate of African-Americans, Hispanics and rural areas as well,” Mr. Scott said.