Toomey: Tax Reform Vital

September 28, 2011 03:54 AM
 

via a special arrangement with Informa Economics, Inc.

Super Committee member sizes up task ahead

NOTE: This column is copyrighted material, therefore reproduction or retransmission is prohibited under U.S. copyright laws.


Sen. Pat Toomey (R-Pa.), a member of the Super Committee charged with coming up with at least $1.2 trillion in budget cuts and/or revenue over ten year, said today that the current tax code is a "complete disaster" and needs to be "completely overhauled," both on the corporate and individual side. "We ought to do this in a constructive way that will generate more economic growth, more fairness, more simplicity. We don't need to spend our time trying to vilify people," Toomey said.

Asked if the Super Committee could come to an agreement on tax reform by the November 23 deadline, Toomey said, "I think we could do something substantial on the tax side by November 23rd. It wouldn't be easy but none of this work is going to be easy. My own personal hope is that we will do something on the tax front because I think the most pro-growth thing we can do would be to reform the tax code, simplify it, get rid of some of the unfair deductions and special interest loopholes and lower marginal rates so we would have a surge of investment and job creation and growth. So I'm hopeful that we'll be able to take a serious look at that."


Comments: Despite Toomey's comments, congressional sources note Republicans looking ahead to 2012 elections may be betting on a party takeover of the Senate while keeping control of the House and perhaps gaining the presidency. If so, GOP leaders and others in the party would likely want to wait until they have more control over the tax reform process.


 

NOTE: This column is copyrighted material, therefore reproduction or retransmission is prohibited under U.S. copyright laws.


 


 

 

 

 

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