We currently have 2 false assertions made by Tim Scott in our database.
- United States Senator from South Carolina (2013-)
- Member of the U.S. House of Representatives from South Carolina's 1st district (2011-2013)
- Member of the South Carolina House of Representatives from the 117th district (2009-2011)
- Member of the Charleston County Council from the 3rd district (1995-2009)
Well, if you don’t pay income taxes and we increase your refund by 40 percent, that is a direct dollar impact. In other words, you’ll have more money to use to keep those ends together, those single mothers like mine, who are working paycheck to paycheck, they will now not get a $9,300 deduction, we’re doubling that deduction almost to $18,000, For a dual-parent income household we’re going from around $12,700 for the standard deduction to around $24,000.
Scott’s logic rests on Americans who do not pay income taxes no longer having to pay the penalty for not carrying health insurance… That’s more of a gamble than anything close to a certainty.
Well, good news is that if we are able to lower the highest corporate tax rate in the from a 35% to a 20%, and make it permanent, the jobs of the future will be created here at home.
- The US Has the Highest Corporate Tax Rate in the World
The US does have a high statutory rate (up to 35%), but significant deductions and exemptions mean companies actually end up paying a much lower rate; the effective tax rate is about average. Furthermore, while the statutory rate relatively high, it is not the highest in the world; that distinction goes to the United Arab Emirates with rates up to 55%.