Tim Scott is a politician from the United States. He is the junior Senator from South Carolina. He was born in North Charleston, South Carolina, on September 19, 1965. People all over the country know Tim Scott as the first African-American senator chosen from the state since Reconstruction. He is a Republican.
Tim Scott Net Worth in 2023
According to Celebrity Net Worth, Tim Scott is an American businessman and politician who is worth $200,000 in total. Tim Scott is best known for being a Senator from South Carolina in the US Senate. Tim said in May 2023 that he would run for President in the 2024 election. Tim took part in the first Republican debate in August 2023.
Tim said he was worth $3.88 million when he first released his financial report in 2009. About $3 million of that amount was worth investing in real estate. Sadly for Mr. Scott, something happened between 2012 and 2013 that caused his net worth to drop from a high point of $4 million to just $250k in 2013. In 2017, he reported a net worth of -$3.7 million. In 2018, he thought it would be -$1 million.
From February 1995 to January 2009, Tim Scott was a member of the Charleston County Council for the 3rd district. From January 2009 to January 2011, he was a South Carolina House of Representatives member from the 117th district.
From January 2011 to January 2013, Tim Scott was a U.S. House of Representatives member from South Carolina’s 1st district. His term as a US Senator from South Carolina began in January 2013, and he works with Lindsey Graham. He was the first black person to serve in both houses of Congress.
| Net Worth | $35 Million |
| Salary | $204,000 |
| Business Income | $8 Million |
| Inheritance | $25,000 |
| Approval Rating | 36% |
Tim Scott Professional Life
As a Businessperson
Tim Scott started in business and finally opened his own insurance company. He became active in politics because he liked taking risks and believed in conservative ideas.
As a Politician
He was elected to the Charleston County Council in 1995 and worked there for 13 years. Scott pushed for responsible spending and limited government while on the council. When Tim Scott ran for and won the U.S. House of Representatives in 2010, he became the first African-American Republican from South Carolina since 1897.
Scott’s primary goal as a lawmaker was to help the economy grow and create jobs. He spoke out against too many rules from the government and backed tax cuts to assist the business. Additionally, Scott pushed for changes in education and supported the idea of school freedom.
Getting ready for Senate
Scott’s political career hit a central turning point in 2013 when Governor Nikki Haley chose him to fill the U.S. Senate seat that Jim DeMint had resigned from.
As of January 2017, Tim Scott was the seventh African American to serve in the U.S. Senate and the first senator from South Carolina who was African American since Reconstruction. He won a special election in 2014 to finish the term and was chosen again in 2016.
Legacy
As a senator, Tim Scott has always fought hard for policies that are good for people on the right. He has always backed lowering taxes, removing rules that slow the economy, and limiting the government’s role.
Tim Scott was critical in passing the Tax Cuts and Jobs Act of 2017. This law was meant to boost economic growth and lower taxes for people and businesses.
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Tim Scott Assets
Tim Scott owns many different kinds of assets. These include six houses, five cars, and a fancy boat. Besides that, he keeps more than $1.5 million in cash on hand. Tim Scott also has a portfolio of nine stocks worth $1 million that he uses for business. Tesla, Pfizer, General Motors, Amazon, Apple, Boeing, and Microsoft are some of the well-known stocks in this group.
| Bank Balance | $9 Million |
| Luxury Cars | 5 |
| Stock Portfolio | $1 Million |
| House Properties | 6 |
| Luxury Watches | 10+ |
| Taxes Paid | $75,000 |
Losses in business and gambling
As the years have passed, Tim Scott has lost a lot of money in poker and selling stocks. Reports say he has lost more than $2 million buying stocks in the last year. He has also lost over $900,000 in poker games during his six trips to Las Vegas.
Cars that Tim Scott owns
Timothy Scott owns a collection of five high-end cars. The most recent thing he bought was a brand-new Lincoln Navigator for USD 105,000. Tim Scott also has a Range Rover Autobiography worth USD 90,000. His collection also has a Land Rover, a BMW X7, a Mercedes S-Class, and a Ford F-150.
Final thoughts
The senator from South Carolina wants to be the first single man to live in the White House since 1886 and only the second Black President of the United States. He is said to have a net worth of $3.88m.
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