Toomey Applauds Trump Tax Proposal
Senator Pat Toomey Applauds President Trump’s Tax Proposal:
"This plan will promote economic growth, create jobs, and raise wages"
Washington, D.C.- U.S. Senator Pat Toomey issued the following statement regarding President Trump’s proposed tax plan:
"I applaud the President’s outline for pro-growth tax reform and its focus on job creation, making the United States a competitive place to do business and expanding opportunity for all Americans. Simplifying the code, lowering high tax rates, and eliminating special interest loopholes will promote domestic economic growth, create jobs, and raise wages. Rather than conforming to arbitrary budget constraints, the President’s plan rightfully aims to jumpstart investment, which will produce significantly more revenue for the Treasury over the long-term than any revenue-neutral tax plan could generate. I look forward to working with my colleagues in the House and Senate and the Administration to develop and refine a solid pro-growth plan."
"Our country’s current corporate tax rate of 35 percent is one of the highest in the developed world—far higher than the average 25 percent rate of our economic competitors. The president’s proposed 15 percent rate would help to make the United States globally competitive again. Without a significant reduction in our business tax rate, the U.S. will never be the best place to create jobs and grow businesses.
"The best economic stimulus for the middle class, who have seen their wages stagnate and tax bills rise over the last decade, is a well-paying job. The President’s plan will help deliver this goal with its focus on lower rates, investment, and growth. His predecessor, President Obama, imposed nearly $2 trillion in tax increases on the American people and massive increases in government spending. The result was as disappointing as it was unsurprising. We had the slowest post-recession recovery since World War II, weak job growth, and stagnant household income. Tax reform should not lock in the excessive taxes that helped cause this weak economy.
"Some have pointed out that it is more difficult to use reconciliation for a tax bill that is not ‘revenue neutral’ according to standard budgetary conventions. In this scenario, tax cuts would have to expire at the end of the budget window. While some have raised such procedural concerns, there are ways to navigate these obstacles, including the use of a longer horizon."
U.S Senator Pat Toomey
248 Russell Senate Office Building
Washington, DC 20510