GOP softening anti-tax stance?

This is a rush transcript from "Your World," May 30, 2012. This copy may not be in its final form and may be updated.

NEIL CAVUTO, HOST OF "YOUR WORLD": Well, summer may be heating up -- a new report showing that the GOP could be cooling it with the anti-tax pledge.

I want you to check out these headlines. "GOP Softens Anti-Tax Rhetoric," "Cracks in the Anti-Tax Wall."

So, are Republicans about to cave on cuts? Well, not if South Carolina Congressman Tim Scott has anything to do with it.

He joins me right now.

Congressman, good to have you.

REP. TIM SCOTT, R-S.C.: Thank you, Neil. Good to be back with you.

I';ll tell you what. That tax debate is going to be serious debate as we head into Taxageddon during the lame-duck section, it looks like.

CAVUTO: Well, that lame-duck session will have to take up I guess the expiration of all these tax rates, the Bush tax rates, the payroll tax thing, so many more that expire at the end the year.

But there does seem to be something to this argument that some of your colleagues, Congressman, are getting antsy about it and do not want to even think about it right now. What is going on?

SCOTT: There is no doubt that some folks seem to be at least somewhat interested in having a new conversation about revenue increases.

I wouldn't be in that minority in the conference. I think there's no doubt that when you look at January of 2013; ObamaCare brings with it a half-a-trillion dollars of new taxes. So if you're looking for new tax revenues, look no further than ObamaCare, look no further than January 2013.

And that's why tomorrow's conference is so important that we bring the job creators to D.C. and have a serious conversation about what we can do to move this economy forward as a team. I think there's common ground between Republicans and Democrats on the corporate tax rate.

I hope that we can find common ground on repatriation and move this conversation forward, because tax increases are coming. It's inevitable. It was passed through the last Congress and now we have to find a way to stimulate and revitalize our economy.

CAVUTO: All right, you just said that they were not going to be coming. You're now seeming to resign yourself that they are coming, the tax hikes?

SCOTT: Well, no. I am simply saying that there is no doubt that starting January 2013, the tax increases that...


CAVUTO: Oh, I got you, unless they do something. Got you.

SCOTT: Yes, unless the Supreme Court does something next month.


CAVUTO: Understood.

Now, this Revitalizing America Conference that you're leading with some business leaders and the type, there are many of those same leaders, sir, who say that they're not fans of hiking taxes, but that they say in balance if most of what you are offering are spending cuts, they could live with it.

In other words, minor hikes, combined with much more spending cuts, maybe doing away with allowances and credits that would effectively raise some folks taxes, but in the name of simpler, cleaner government, they'd be for that. Are any of those guys going to your conference?

SCOTT: Yes, I think so. We certainly have a good cross-section of the business community coming. We certainly have the CEO of Honeywell, David Cote, will be here.

We have Domino's CEO Patrick Doyle and a host of other folks, like Jay Walker, the founder of I'm not sure that Steve Forbes would be on that page. He's our lunch speaker tomorrow. But we certainly have a cross-section of the business community, both Republicans and Democrats.

And I've actually invited my friends on the left, as well as my good friends of the Republican conference, who will all be in attendance at a lunch tomorrow, as well as the all-day seminar, will give folks an opportunity to have this conversation.

I do believe that we have found common ground in lowering the corporate rate. The question is do we have the courage to move forward and address the loopholes and other things that may be necessary for us to get -- to achieve that lower rate?

At the end of the day, I wouldn't personally support any new tax increases.

CAVUTO: All right, Congressman, good luck with the conference.

SCOTT: Thank you very much.

CAVUTO: Tim Scott. OK.

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