Toomey: 'Vast majority of people are going to get a tax cut'

Sen. Pat ToomeyPatrick (Pat) Joseph ToomeyWH backpedals on Trump's 'due process' remark on guns Top GOP candidate drops out of Ohio Senate race Newly declassified memos detail extent of improper Obama-era NSA spying MORE (R-Pa.) said Sunday that the "vast majority of people" would see a tax cut under the Senate Republicans’ overhaul legislation.

“The vast majority of people are going to get a tax cut. And any time you really reform the tax code there will be some outliers that may not get a tax cut. In this reform, any such outliers are likely to be pretty high-income folks who also tend to have significant investment portfolios,” Toomey said on NBC’s “Meet The Press.”

His comments come after Senate Majority Leader Mitch McConnellAddison (Mitch) Mitchell McConnellYou just can't keep good health policy down Trump threatens to veto omnibus over lack of wall funding, DACA fix Democrats desperate for a win hail spending bill MORE (R-Ky.) said on Friday that he “misspoke” when he said no middle-class Americans would see a tax increase under the plan Republican senators presented last week.

The Senate plan breaks with the House bill in a few key areas, including eliminating the state and local property tax deduction, a one-year delay in cutting the corporate tax rate and keeping the estate tax. 

Democrats have hammered GOP tax-reform bills in both the House and the Senate, saying they would negatively impact the middle class by removing certain deductions.

Toomey on Sunday called the Republican effort “the most profound tax reform in over 30 years,” saying it would spur investment from overseas and domestically. The expected economic growth would help reduce the size of the national debt, he added.

Toomey argued that tax reform would lead to a stronger economy, which would benefit even those citizens who don’t see a tax cut.

“Take a look at where the stock market is, in part, because of the anticipation of this tax reform,” Toomey said. “So those folks are benefitting in many ways.”