Sen. Tim Scott, R-S.C., on Thursday advocated for cutting taxes and slashing government spending, including targeting welfare programs, as part of his presidential campaign's new economic plan. Scott, touting his new plan on CNBC's "Squawk Box," argued that his system would ultimately usher more money into the country's coffers. "I believe the Laffer curve still works, frankly," Scott said. He was referring to conservative economist Art Laffer's controversial theory that helped popularize the view that cutting taxes will unleash enough additional economic activity to generate an increase in tax revenue. I believe that if we cut taxes again we'll see that same trajectory that will stimulate growth in our economy," he said.

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Persons: Sen, Tim Scott, Scott, Art Laffer's Organizations: Treasury