Sen. Tim Scott said Friday the conference on the House and Senate tax plans are both looking for ways to increase revenue.
“We are looking at a number of areas to find that revenue,” Mr. Scott, South Carolina Republican, said on “The Hugh Hewitt Show.”
He pushed back on the idea that allowing people to withdraw from their retirement accounts now with a one-time tax could provide that revenue.
“The topics that cut both ways where you encourage and incentivize savings more today by using retirement funds to lower the overall expense of living today only increases the expenses of tomorrow,” Mr. Scott said.
“So every time we allow for a reasonable distribution from your retirement accounts, your unfunded liabilities, based on the average of Americans’ spending and retirement accounts, would suggest that we are stealing from tomorrow to help today,” he added.
Mr. Scott is one of the members of the Conference Committee currently working on unifying the House and Senate bills.
• Sally Persons can be reached at spersons@washingtontimes.com.
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