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Sen. Toomey Trumpets Tax Reform’s Success Ahead of President’s Pittsburgh Visit

“I am thrilled that our legislation has already begun to have tangible benefits for the people that we represent, and I’m convinced that the best is yet to come.”

January 19, 2018
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Washington, D.C. - U.S. Senator Pat Toomey (R-Pa.) issued the following statement about the President's visit to a Southwestern Pennsylvania heavy equipment company whose employees are realizing the early benefits from tax reform:

"President Trump's leadership made it possible to deliver the most beneficial tax reform and reduction to Pennsylvanians and Americans in over 30 years. I would love to celebrate this victory for my constituents with the President in Pittsburgh. Unfortunately, due to the uncertainty in the voting schedule and other prior obligations, I will not be able to join President Trump in Pittsburgh. I am looking forward to joining President Trump at future tax reform events in Pennsylvania."

Additionally, Senator Toomey made the following remarks regarding historic reforms to the U.S. tax code on the Senate floor ahead of President Trump's speech on tax reform. The full video is available at: https://youtu.be/QN9JZULJa6g

Excerpts:

• "I want to start by welcoming in advance the President of the United States to Pennsylvania. The President is coming to Pittsburgh, Pennsylvania to talk about the specifics of our tax reform and the effect that it's having. I really wish I could be there with him... unfortunately I will not be able to get to Pittsburgh with the President, but I hope to have another opportunity to celebrate this victory for Pennsylvanians and Americans, because that's what it is."

• "It's a simple, straightforward, factual matter that we cut taxes on the vast overwhelming majority of taxpayers - the families and individuals who pay taxes. That's just a factual matter. That's easy to confirm. That has the effect of increasing the take home pay for anyone who is working."

• "I have to confess I was wrong, very wrong about the timing...you see we didn't have to wait three or six or twelve months for our constituents, the people we represent, to see the benefits in the form of higher wages. They started happening immediately, I mean within days.

• "It's actually been stunning, in the one month...since we passed this sweeping tax reform - hundreds, many hundreds of businesses, those cumulatively employing well over two million workers - have announced bonuses, wage increases, expanded benefits, increased contributions to pension accounts, and they have cited the tax reform as the mechanism that has enabled them to do this for their workers."

• "Let me just give you a few examples...Comcast, a big employer based in Philadelphia, they announced specifically as a result of the tax reform that they would make a one thousand dollar bonus payment to 100,000 frontline non-executive employees, and they committed to fifty billion dollars of capital expenditures over the next five years."

• "PNC... a large bank in Pittsburgh, announced right after the tax reform that they would pay a thousand dollars to 47,500 of their employees and, in addition, they would contribute fifteen hundred dollars to each of their employees who are participating in their pension savings plan. Oh, and they're also raising their base wage, their minimum wage for employees at PNC goes up to fifteen dollars an hour, [with] no federal government edict forcing them to do it. This is what they want to do so they can attract more and competitive employees, and they've increased their contribution to...their charitable foundation, two hundred million dollars to a foundation that supports early childhood education."

• "Navient has nine hundred or so employees in Wilkes-Barre, Pennsylvania and they announced they're making a thousand dollar bonus to their non-officer employees, ninety eight percent of their employees, not the top brass - those guys don't get it - but everybody else is going to get a thousand dollar bonus."

• "Customers Bank, Wyomissing, Berks County, Pennsylvania - they announced that as a result of the tax reform and the tax relief that they're getting, they're going to be able to offer people who have a checking account with them a higher rate on their deposits...another benefit for consumers, they're going to increase their charitable giving. NexTier Bank in Butler County, western Pennsylvania, [a] thousand dollar bonus to all of their employees. "

• "Then of course Walmart... there are over 160 Walmart locations in Pennsylvania. They're giving a bonus of up to a thousand dollars, raising their starting wage, expanding their paid leave policy and their adoption assistance program for their employees all in response to the tax relief and reform that they know is going to be good for their business and they've already decided to make it good for their employees as well."

• "I think it's fantastic when the people that I represent are able to earn more to support their family, get a bigger bonus, [and] get a bonus they might not othwerwise have gotten at all. I think it's great."

• "I'm convinced that the best in all of this is yet to come. The best is yet to come because it's too early for us to have yet benefited from the wave of new capital investment. We've made it more affordable for business to invest in their workers, to invest in their business, to invest here in America instead of somewhere overseas. We've made that more affordable, and so more of it is going to happen. And when it happens, people are going to get the benefits from the jobs they have to provide those capital goods, other people are going to benefit from jobs that are necessary to operate that capital equipment, [and] wages rise because workers become more productive."

• "We are allowing American business to compete, and to win in a competitive global economy. This is going to increase the supply of capital. It is going to increase the productive capacity of the American economy. It is going to provide better tools for workers when they have that capital that they can work with. That makes them more productive. That enables them to earn higher wages. With all of the need for workers this is going to generate, it's going to continue to put upward pressure on wages because that's what companies are going to have to do to attract and retain the employees they need."

• "I am thrilled that our legislation has already begun to have tangible benefits for the people that we represent, and I'm convinced that the best is yet to come."