FOR IMMEDIATE RELEASE: July 16, 2012
Contact: Nachama Soloveichik (202) 224-0437
or Rebecca Neal (202) 224-8609
SEN. TOOMEY RESPONDS TO SEN. MURRAY’S
FISCAL CLIFF SPEECH
WASHINGTON, D.C. — U.S. Senator Pat Toomey (R-Pa.) issued the following statement today responding to comments made by Sen. Patty Murray (D-Wash.) at the Brookings Institution today:
"I am very disappointed in the gross mischaracterizations Sen. Murray made today about my supercommittee proposal. I understand Sen. Murray is chairing the Democratic Senatorial Campaign Committee and that her priority is trying to win elections, but the truth must still count for something.
"The Democrats on the supercommittee adamantly refused to consider any meaningful, specific reforms on the structure of the major entitlement programs – reforms all bipartisan deficit committees have recommended. When addressing our entitlements became impossible because of their intransigence, I presented a framework that would have lowered tax rates for all Americans while limiting special-interest deductions, write-offs and loopholes.
"Throughout the process, I always stipulated that there should be no net tax increases for brackets other than the top two. These top two would be required to bear an additional tax burden compared to current policy.
"For Sen. Murray to somehow claim that my proposed framework would have forced middle-class families to pay for tax cuts for the rich is flat-out wrong. In fact, my tax reform proposal would have had the opposite effect.
"My framework would have:
• Lowered all income tax rates by 20 percent
• Offset all lost revenue by reducing the value of deductions
• Increased progressivity – no net increase in taxes except for those in the top two brackets
o Reduced deductions for the top two brackets resulting in $250 billion in new tax revenue over 10 years, statically scored.
"This plan was even hailed by the second-highest ranking Democrat in the Senate, Sen. Dick Durbin, as a ‘breakthrough.’
"While it caused them consternation, my Republican colleagues were generally willing to support this framework in order to reach the statutory deficit reduction goal of the committee. Unfortunately, we could progress no further because the Democrats were unwilling to retreat from their trillion-dollar tax-hike demands.
"I remain committed to working with my Senate colleagues from both parties to help put our nation back on a sound fiscal path, to reform our flawed and complicated tax system, and to promote job creation and a growing economy."
Sen. Pat Toomey
502 Hart Senate Office Building
Washington, D.C. 20510