Tags: Trump Administration | Trump Tax Reform | pat toomey | senate | plan | delay | corporate

Sen. Toomey: Senate Plan to Delay Corporate Cuts Necessary

(Fox News/"Fox & Friends")

By    |   Friday, 10 November 2017 10:24 AM

The Senate's plan to delay corporate rate tax cuts for one year is necessary because an immediate cut would be too harmful to revenue collections, Sen. Pat Toomey, a member of the Finance Committee, said Friday.

"The fact is, there is only so much in revenue reduction we can do, under our rules, under the Senate rules, and the budget that we pass," the Pennsylvania Republican told Fox News' "Fox & Friends" program. 

"If you kick that in immediately on day one, there is more lost revenue than if you wait a year. That's the main driver."

The Senate bill delays the corporate tax cut from 35 percent to 20 percent until Jan. 1, 2019, a move that defies President Donald Trump's insistence that the cut takes effect immediately, Sen. Bill Cassidy, R-La., said Thursday. The House version of the bill does make the cuts immediate.

While the Senate bill delays the corporate tax, it contains many other pro-growth reforms that would be implemented immediately, such as allowing businesses to completely deduct the cost of new equipment, said Toomey.

Meanwhile, the bill, like the House version, highlights tax relief for middle income and low income families, said Toomey.

"We're really going to kick this economy into high gear because we're going to allow our business to compete," the senator said. "The rest of the world has changed their tax code made it more competitive over the last 30 years.

"We haven't done anything with our tax code since 1936. That's going to change. More businesses more growth more jobs and higher wages. I think it's going to be terrific."

The House plan also outlines three tax brackets, plus one for zero, while the Senate version keeps all seven brackets, which may not simplify the tax code enough to meet Trump's call, but Toomey said that he believes it's more important to define income, rather than worry about how many brackets there are.

"By simplifying the process, you will be able to fill out your tax return on one page," he said, adding that "most people" will see that happen.

Toomey said he is optimistic that the Senate's version will pass.

"We have rolled it out among Republican senators, our Democratic colleagues, some of them are just reflexively, they were opposing it before it was written," said Toomey. "That was predictable for some. But there are others that are taking a hard look at it. I think we're going to pass it."

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The Senate's plan to delay corporate rate tax cuts for one year is necessary because an immediate cut would be too harmful to revenue collections, Sen. Pat Toomey, a member of the Finance Committee, said Friday.
pat toomey, senate, plan, delay, corporate, tax cuts
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2017-24-10
Friday, 10 November 2017 10:24 AM
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