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

Sen. Pat ToomeyPatrick (Pat) Joseph ToomeyNewly declassified memos detail extent of improper Obama-era NSA spying Overnight Tech: FCC won't fine Colbert over Trump joke | Trump budget slashes science funding | Net neutrality comment period opens Appeals court decision keeps lawsuit against NSA surveillance alive 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 McConnellGOP strategist donates to Alabama Democrat McConnell names Senate GOP tax conferees Brent Budowsky: A plea to Alabama voters 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.

ADVERTISEMENT
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.”