Toomey pushes to balance the budget without raising taxes
HARRISBURG — Republican Party of Pennsylvania Chairman Rob Gleason applauded U.S. Senator Pat Toomey on his recently released budget proposal.
“U.S. Senator Pat Toomey is leading the way on restoring fiscal responsibility and is putting taxpayers first by pushing forward plans to lower spending, reduce our national debt and balance our budget without raising taxes,” said Gleason. “Senator Toomey’s budget proposal reduces taxes on business to spur growth and repeals Obamacare tax increases, cuts wasteful spending and reforms entitlements.
“Senator Toomey’s budget proposal is welcome departure from the tax-and-spend ways we have grown accustomed to in Washington, D.C. under President Barack Obama’s watch. The Republican Party of Pennsylvania is very proud to have a leader like Senator Pat Toomey fighting for the hardworking people of this great Commonwealth.”
Some highlights from U.S. Senator Pat Toomey’s budget proposal:
- Balance the federal budget by 2020.
- Reduces the publicly held debt to approximately 52% of the GDP by 2021.
- Simplifies the tax code by consolidating the current six brackets into three brackets.
- Indexes the alternative minimum tax for inflation.
- Reduces the corporate tax rate from 35 percent to 25 percent.
- Implements a territorial tax system.
- Returns revenue to 18.5 percent of GDP — well within the historical norm — and allows the federal government to fund essential programs while fostering economic growth.
- Repeals Obamacare taxes, spending and entitlement programs.
- Permanently reforms the sustainable growth rate so doctors do not face the prospect of devastating cuts each year.
- Implements medical malpractice reform Promotes flexibility by implementing a block grant program to the states.
- Gradually reduces spending to $14 billion more than pre-stimulus levels (2008 level) by 2019
- Keeps spending above the 2000 level adjusted for population growth and inflation.
- Uses the savings identified by Defense Secretary Robert Gates to slow the growth of defense spending without compromising America’s security.
- Reduces to 2006 levels ($435 billion) in 2012 and freezes for the subsequent six years, after which it indexes to consumer price index.
To read more Senator Toomey’s statement on the release of his FY2012 budget proposal, click here.