According to Forbes, Timothy Eugene Scott is a South Carolina Republican politician and businessman with a net worth of little more than a million dollars.
He is currently a US Senator and is running for President. Scott has created a reputation for himself in both politics and business, and he is well-known in South Carolina politics, where he has held several posts.
He was appointed to the United States Senate from South Carolina in 2013, won a special election in 2014, and was re-elected in 2016. As a result, he became the first African-American senator from South Carolina since Reconstruction and the seventh African-American to serve in the United States Senate.
As a senator, he is best known for his participation in the adoption of the Tax Cuts and Jobs Act of 2017, which aimed to boost economic growth while lowering tax burdens on businesses and people. Scott was born on September 19, 1965, in North Charleston, South Carolina, to a single mother in a low-income family. He did not let his rough upbringing hinder his political or business ambitions.
“Growing up in a single-parent home left me a bit disillusioned about life. My parents divorced when I was around the age of 7. By the time I entered high school, I was completely off track. My mother was working hard, trying to help me to realize that there was a brighter future, but I really couldn’t see it,” Scott wrote.
Scott embraced education because it was vital in his family. He attended R.B. Stall High School and then moved on to Presbyterian College, where he earned a bachelor’s degree in political science in 1988.
Scott worked part-time at a movie theater as a teen and ordered fries and water from a nearby Chick-fil-A every day. John Moniz, the owner of Chick-fil-A, eventually took an interest in him and provided for his schooling. He also had an impact on Scott’s conservative ideals.
Scott worked as an insurance salesman after college and later as the proprietor of an insurance company before entering politics. Moniz unfortunately died when Scott was only 17, but he praises his former mentor for his success as a businessman and politician.
Scott’s breakthrough came when he was elected to the United States House of Representatives, which guaranteed him a $174,000 annual salary. According to Forbes, the pay was roughly treble the $60,000 he had earned as the owner of an insurance company.
After taking office in 2011, the US Presidential candidate sold his company for more than $500,000. Prior to that, he was publishing books and collaborating with former South Carolina Rep. Trey Gowdy, earning more than $700,000 as an author between 2017 and 2022, according to the magazine.
Scott’s net worth allows him to own totally or partially five properties, one in D.C. and four in South Carolina. Forbes also stated that real estate makes up the majority of his net wealth. Furthermore, after 12 years on Capitol Hill, he is entitled to a government pension of an estimated $265,000 per year.
His second portfolio contains a mix of equity interests, including stock in companies like Apple, Boeing, Coca-Cola, and Target.