The Republican tax reform push will turn the United States into one of the best countries in the world for investors, Pennsylvania Sen. Pat Toomey said Sunday.
In an interview on NBC’s “Meet The Press,” Toomey said the tax code is currently one of the “worst in the world” for investors. The tax reform push will change all that, he said.
“We’re going to take the U.S. business tax code from one of the worst in the world, from the point of view of a potential investor, to one of the best in the world,” he said. “We do not get our share, based on the size of our economy, we don’t get our share of foreign direct investment. I think that’s partly because we uniquely punish investors in ways no one else does. We’re going to clean that up.”
The House GOP introduced their tax reform bill earlier this month and intend to push it through the lower chamber this week after it passed through committee last week.
In the Senate, Republicans there introduced their own version of tax reform on Thursday and plan to push it through committee before senators leave Washington for the Thanksgiving break.
The two chambers will then have to get together and work out the differences in conference committee.
Toomey said it’s going to end up shrinking the debt and the deficit because the economy will grow, bringing more revenue into federal coffers.
“If we pass this tax reform package in something like its current form, we will reduce the size of the deficits and we will have smaller debt than we otherwise would,” he said. “This bill contemplates, really compared to the current path we’re on, $1 trillion in foregone revenue without taking into account the greater economic growth, a larger economy, and therefore more revenue to the federal government.”
