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ICYMI: Toomey On The Continued Benefits of Tax Reform

“This is just the beginning. We’re only three and a half months into this. We haven’t yet even begun to reap the benefits as a country, as a society, of this reformed tax code.”

April 12, 2018
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Washington, D.C. -U.S. Senator Pat Toomey (R-Pa.) offered the following remarks on the Senate floor yesterday afternoon regarding the Tax Cuts and Jobs Act and its effects thus far:

Excerpts:

• "It was about two weeks ago that I had the opportunity to tour a steel plant in Reading, Pennsylvania. The plant is owned by Carpenter Technology. It's a company that was founded in 1889, it's quite extraordinary... they have 2,000 employees in Berks County... and they have an additional 1,200 or so folks throughout other parts of Pennsylvania...One of the things that I learned... is that tax reform is working for Carpenter Technology. While I was there, the CEO announced a $100 million investment right there in Reading, Berks County, Pennsylvania... To be more precise, they are buying an entirely new hot rolling steel mill...One of the things that the leadership of Carpenter Technology made abundantly clear in their press release and in their public statements was that they were able to purchase this mill and make this $100 million investment in their company now, because of the tax reform that we passed."

• "Over four million workers across America have already received bonuses, wage increases, enhanced benefits, increased contributions to their pension plans, it's already happened and attributable entirely to the tax reform. So the benefits from this tax reform are clearly already flowing to the very workers that we intended to benefit from it."

• "This is just the beginning. We're only three and a half months into this. We haven't yet even begun to reap the benefits as a country, as a society, of this reformed tax code."

• "Let me shift a little bit to the CBO report that came out earlier this week... We have too much debt, and that number is growing too rapidly. This fiscal year, the total gross amount of the federal debt is $21 trillion. By the end of this ten year window the CBO contemplates that number goes up to $33 trillion, and that's a huge problem. But, I think it's important that we stress where this problem comes from...This is a spending problem, this is not a revenue problem."

• "In January of 2017, they [CBO] projected that this year the economy would grow 2%. But, after the tax reform has passed, they reassessed this year and they take the projection of 2% for this year, and they say no, now it will grow 3% based on the tax reform. That's a 50% increase in the growth of our economy, that's huge. Next year, 2019, they were projecting 1.7% growth, now post tax reform they're estimating 2.9% growth... these are huge increases."

• "Let's be honest, no one can prove with certainty what the future holds, so it's worth looking at what's happening in the present. And as a result of our tax reform, what is happening today, what is happening in the present: millions of Americans have been receiving bonuses, millions of Americans have been receiving pay raises, millions of Americans have seen increases in their pension contributions, millions of Americans have seen an increase in the value of their pensions, and millions of Americans like the workers at Carpenter Technology have seen greater job security and greater opportunity as their employers are investing in their company, and that is already beneficial for all of us."