Tim Scott makes the case for delaying the corporate tax rate deduction

Sen. Tim Scott said Friday the delay in lowering the corporate rate in the Senate’s tax plan would give the measure more longevity.

“The new corporate tax rate would remain at 20 percent forever,” Mr. Scott, South Carolina Republican, said on Fox News. “How we achieve that goal, includes that one-year delay.”

He said that despite the House’s plan, which lowers the rate from 35 to 20 percent immediately, the business owners he’s spoken with understand the need for a delayed implementation.

But Senate Democrats have already come out against the bill for giving tax breaks to big corporations. Their other major issue includes the elimination of the state and local tax deductions, especially since Democrats represent a majority of high-tax states, who would be the most impacted by this change.

“This is a place where we’re going to have to find some common ground — getting there we will,” Mr. Scott said. “But the fact is that for the vast majority of the country, that $1.3 trillion could be spent equitably across the tax code by taxpayers across the country.”

Mr. Scott said that despite Democrats complaints of being left out of the process in drafting the tax plan, and subsequent criticism of the plan, they haven’t made any effort to offer ideas.

“We haven’t seen them around this tax reform conversation, and that’s unfortunate,” he said.