Senator Pat Toomey joined the U.S. Senate from Pennsylvania in 2011 on a platform of economic and job growth, restoring fiscal responsibility, and creating stronger, safer communities.
Sought out by his colleagues for his views on financial reform and budgetary issues, Senator Toomey was labeled by the Philadelphia Inquirer as "a leading voice on money matters."
During his time in the Senate, Senator Toomey has successfully led efforts to cut taxes for families, make our business tax code more competitive, end wasteful federal spending, and protect children from abusers.
Our tax system is in need of serious reform and simplification. If done properly, pro-growth tax reform will make the United States a competitive place to do business and expand opportunity for all Americans. Simplifying the code, lowering marginal tax rates, and eliminating special interest loopholes will promote domestic economic growth, create jobs, and raise wages.
Our country's current corporate tax rate of 35 percent is one of the highest in the developed world, far higher than the average 25 percent rate of our economic competitors. Without a significant reduction in business tax rates, the U.S. will never be the best place to invest and create jobs. And with the increasing international mobility of capital, a significant burden of business taxes now falls on workers, undermining wage growth.
The best economic stimulus for the middle class, who have seen their wages stagnate and tax bills rise over the last decade, is a well-paying job. Tax reform will help deliver on this goal with its focus on lower rates, investment, and growth.