Toomey: ‘The Vast Majority of People Are Going To Get a Tax Cut’

‘There will be some outliers that may not get a tax cut’

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CHUCK TODD: So if you believe that cutting taxes somehow will increase revenue to the Treasury, then why not cut them more?

SEN. PAT TOOMEY: Okay.

CHUCK TODD: What is the line?

SEN. PAT TOOMEY: Because Chuck, first of all, that's--

CHUCK TODD: I mean what is the line there?

SEN. PAT TOOMEY: --that's a complete mischaracterization. It is the most profound tax reform in over 30 years. 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. 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 that no one else does.

We're going to clean that up. We're going to create tremendous investment incentives to invest in the U.S., both domestically and from overseas. That is going to generate more economic growth. If all we were doing was changing rates, that would be a different matter. This is a profound change that is going to really be very pro-growth.

CHUCK TODD: And Senate Majority Leader Mitch McConnell admitted that he misspoke when he said that not everybody was going to get a tax cut. What do you tell, and it's particularly in, I'll say, the suburbs of Philadelphia, a lot of upper middle class folks may not actually see a tax cut because of the way some of the deductions go away. What do you tell those folks who think, "Wait a minute, I'm not going to get a tax cut, even though I've been voting Republican and been promised that I was going to get this tax cut?"

SEN. PAT TOOMEY: 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.

Take a look at where the stock market is, in part, because of the anticipation of this tax reform. So those folks are benefiting in many ways. Most will get a tax cut, but there might be a few outliers. They will benefit in a lot of ways from a stronger economy.

CHUCK TODD: All right, Senator Toomey from Pennsylvania, I've got to leave it there. Sir, thanks for coming on and sharing your views. I appreciate it.

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