Tax Reform
Our tax system is in need of serious reform and simplification. If done properly, pro-growth tax reform will make the United States a competitive place to do business and expand opportunity for all Americans. Simplifying the code, lowering marginal tax rates, and eliminating special interest loopholes will promote domestic economic growth, create jobs, and raise wages.
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. Without a significant reduction in business tax rates, the U.S. will never be the best place to invest and create jobs. And with the increasing international mobility of capital, a significant burden of business taxes now falls on workers, undermining wage growth.
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. Tax reform will help deliver on this goal with its focus on lower rates, investment, and growth.
Our Plan
- The Senate Finance Committee's Chairman's Mark
- The Joint Committee on Taxation's Score of the Chairman's Mark
- December 1, 2017 - Senator Toomey Statement on Passage of Tax Cuts and Jobs Act
- November 28, 2017 - ICYMI: Sen. Toomey in Inquirer-Pro-Growth Reform Cuts Taxes & Stimulates Job Growth
- November 28, 2017 - New Analyses from JCT and CBO: Every Income Group Gets A Tax Cut In Senate Tax Plan
- November 22, 2017 -Leading Economists Agree: the Senate's Tax Cuts and Jobs Act Means a Better Economy For Workers
- November 16, 2017 - Toomey Statement on Committee Passage of the Tax Cuts & Jobs Act
- November 16, 2017 - ICYMI: JCT Confirms - Every Income Bracket Gets A Tax Cut In Senate Tax Plan
- November 13, 2017 - Sen. Toomey on the Goals of Pro-Growth Tax Reform
- November 9, 2017 - ICYMI: Toomey Speaks on Tax Cuts and Jobs Act
- November 9, 2017 - Toomey Statement on Senate Tax Reform Plan
- November 3, 2017 - Senator Toomey Statement on House Tax Reform Bill
On TV
- Varney & Co.: The deduction for state and local taxes really amounts to a subsidy by low taxed states for high taxed states.
- Mornings With Maria: The vast overwhelming majority of individual taxpayers, families and individuals, they're going to see a tax cut. That's a fact.
- Bloomberg TV: At the end of the day, I want to make sure we pass really pro-growth tax reform that lowers taxes for middle income familes.
- Morning Bell: The vast majority of tax filers are going to be paying less in taxes to the federal government.
- Fox & Friends: The Senate's tax proposal will provide tax relief for middle income working class Americans.
- Squawk Box: Tax reform will allow our businesses to compete on the international stage again.
- Bloomberg TV: The Senate's Tax Cuts and Jobs act, and how it will reduce our deficit and get our economy booming again.
- Cavuto Coast to Coast: The Tax Cuts and Jobs Act will put money back in the pocket of middle class Americans, and end the policy of forcing Pennsylvanians to subsidize high taxed states.
- Meet the Press: The Senate's tax proposal will generate more revenue than our current code, and help pay down our deficit.
- Bloomberg TV: I am optimistic we can achieve pro-growth tax reform to help workers & businesses. I shared my thoughts on what needs to happen next with Bloomberg TV.
- Morning Joe: I shared my thoughts on meeting with President Trump to discuss tax reform.
- Fox News: I spoke with Fox News about the "Unified Framework For Fixing Our Broken Tax Code."
- Bloomberg TV: Tax reform will expand economic production, raising wages and the standard living for all Americans.
