Ohio Sen. Rob Portman believes the tax reform proposal set to be unveiled this week will actually reduce the federal deficit because it’s going to produce more revenue for the government.
Portman told NBC’s “Meet The Press” host Chuck Todd that he doesn’t see tax reform as just a tax cut, which will reduce the amount of money coming into the federal coffers. Instead, over a long period of time, it will mean more investment in the United States and more jobs in the country.
“I’m real excited about this tax reform because I think it will generate a lot more revenue. I think it will over the 10-year period, Chuck, you’re talking about, result in deficit reduction,” he said.
“Why? For the first time in over 30 years we’re going to reform the tax code to provide a tax cut but also encourage investment for more jobs, more earnings and improve the economy. What we’ve said is if we can just improve the economy slightly, instead of the 1.9 percent growth that the Congressional Budget Office says is going to happen, if we can do just that then we begin to reduce the deficit and I think that will happen.”
Portman has been an anti-deficit hawk during his time in Congress and said supporting tax reform is not incongruent with his previous positions.
Instead, he said tax reform would mean employers would bring jobs back to the United States from overseas because the country will be friendlier to business.
