The U.S. Senate Committee on Banking, Housing and Urban Affairs published a release on Chairman Tim Scott’s CNBC Squawk Box interview, in which he argued against a wealth tax and backed lower capital gains taxes as a way to support growth, investment, job creation, and federal revenues. In the interview, Scott also framed spending restraint as the better response to revenue pressures and pointed to bipartisan work in the committee as evidence that Congress can still deliver cross-party results. Scott said a wealth tax is "a terrible idea" and that stronger revenue should come from policies that incentivize growth. He argued that lower capital gains tax rates increase revenue while higher rates reduce it, and said realized gains are reinvested in the economy and support job creation. On committee activity, he cited bipartisan passage of a housing bill by a 24-0 vote and fentanyl legislation by a 22-0 vote, including the 21st Century ROAD to Housing Act.
U.S. Senate Committee on Banking, Housing and Urban Affairs2026-06-03
U.S. Senate Committee on Banking, Housing and Urban Affairs Chairman Tim Scott reiterates opposition to a wealth tax and highlights bipartisan housing progress
The U.S. Senate Committee on Banking, Housing and Urban Affairs reported Chairman Tim Scott’s comments opposing a wealth tax and supporting lower capital gains taxes to promote growth, investment, job creation, and federal revenues, alongside spending restraint to address fiscal pressures. Scott also highlighted recent bipartisan committee action, including unanimous passage of a housing bill, fentanyl legislation, and the 21st Century ROAD to Housing Act.