By Representative Tim Scott
I want to thank the Seabrooker for the opportunity to contribute; it is certainly an honor to represent Seabrook Island and the rest of the First District in the U.S. House of Representatives. And while I may not be much of a golfer, I do my absolute best to represent your interests in Washington.
I'd like to share with you just a bit of my personal story, how it has shaped who I am and what I believe in. I grew up in a single-parent household with a mom who believed in a lot of love-- and a lot of discipline. I also had a mentor during my teenage years who taught me one of the most important lessons of my life: "think your way out of poverty." You don't have to rely on being a football player or a singer to be successful. It's a good thing to have a job; it's a great thing to create jobs.
With those lessons in mind, I started my own small business in 1999 while I was also serving on Charleston County Council. That business experience proved to me something that I carry with me every single week to Washington, D.C. -- government can't create jobs, but it sure can destroy them.
Job creators don't necessarily wake up every morning thinking about Washington, they simply wake up wanting to know the rules of the game. When the rules keep changing, uncertainty takes over and growth stops. With out-of-control federal agencies and bureaucracies pushing new rules and regulations that fit their own agenda instead of the best interests of the American public, families across the country suffer.
When the National Labor Relations Board sued the Boeing Company, we saw first-hand here in the Lowcountry what happens when the federal government makes an irrational decision. Using an argument full of hypotheticals, the NLRB put 1,100 South Carolina jobs in jeopardy and created a firestorm. While thankfully the issue was resolved here in South Carolina, the President's favoritism towards Big Labor is still a threat to jobs nation-wide. I authored the Employee Rights Act to protect the rights of ALL workers, union or not, and will continue fighting for the good of ALL American families. Additionally, while the President keeps talking about restructuring our corporate tax code, we have seen little action from him on that issue. I have introduced the Rising Tides Act, which would act on this.
First, it lowers our corporate tax rate to allow us to compete globally. We have not really altered the rate at which we tax businesses since 1986, while the other large economies across the globe have lowered their rates by 35 percent. Bottom line -- to compete worldwide, we have to create an environment friendly to business. Having one of the highest corporate tax rates in the world, and as of April this year it will be the highest, does not accomplish that. Second, the Rising Tides Act allows for permanent repatriation of overseas profits. Currently, many businesses are taxed both in the country where they operate, and then again when they try to bring those profits home to America. Allowing for a system which does not engage in double taxation could bring more than a trillion dollars in capital back home. Overall, lowering the corporate tax rate encourages growth and job creation, and I sincerely hope the President will step forward this year and take action.
We must also ensure those starting small businesses have access to the dollars they need to allow their idea to move forward. The sweeping financial overhaul passed in the last Congress, known as Dodd-Frank, chokes the ability of many businesses to find loans or capital to start with. In fact, late last year I talked to one small business owner in our district who was denied for a loan at 25 banks across South Carolina. That is not a good sign for business.
The President has the attitude of dividing the pie up equally. I have the attitude that we must grow the pie, and unleash the individual to allow them to reach their fullest potential. By repealing burdensome regulations, revamping our corporate tax structure, and getting our spending under control, we give every single American the best opportunity to do just that. Now that I have shared some of my story and what my priorities are, I hope you will do the same. Please feel free to contact either my Charleston (852-2222) or Washington, D.C. (202- 225-3176) office with any questions or concerns you may have. I look forward to hearing from you!