Toomey Defends Eliminating Corporate Taxes

Support of Wall Street Would Add Hundreds of Billions of Dollars to the Deficit

MEDIA, Pa. – At a press conference today, Congressman Toomey defended his proposal made on national television to eliminate all corporate taxes. He continued to offer no way to pay for the $225 billion per year it would add to the deficit.

“I was trying to illustrate the point that this is really trying to collect taxes from consumers,” said Congressman Toomey. “At the end of the day, we pass a budget to collect taxes and it has to collect revenues for all those expenses of which taxes are one. Some think they’re going to accomplish something great by punishing business and raising their taxes.”

“Congressman Toomey’s call to eliminate all corporate taxes proves once again that he will always side with Wall Street rather than ordinary Pennsylvanians,”  said Sestak spokesman Jonathon Dworkin. “These huge breaks for big business will drive up the deficit and come at the expense of the middle class. It’s time for leaders who will put Pennsylvania ahead of Wall Street for a change.”

Documentation:
In his appearance on CNBC, Congressman Toomey made it clear that he wants to end corporate taxes. He does not say how he would pay for this.

Congressman Toomey has supported two tax proposals with one thing in common; they cut taxes for oil companies and Wall Street while raising them for the rest of us.

Under a Flat Tax like Toomey proposes, CEOs at bailed-out banks would pay nothing on their Wall Street earnings, while 95 percent of workers would see a tax hike of almost $3,000. [Citizens for Tax Justice, 2/19/2010]

Under Toomey’s national sales tax proposal, taxes on BP and Bank of America would be completely eliminated, but middle class Americans would have to pay a tax of at least 30 percent on everything they do — buying groceries and clothing, visiting the doctor, getting medicine.  [Annenberg Public Policy Center, 5/31/07]

Congressman Toomey’s policies in support of Wall Street stand in stark contrast to his opposition to health care for American children who cannot afford insurance. The bill Toomey opposed would have enrolled 5.8 million children in SCHIP, two thrids of whom would not otherwise have had health insurance at all. [Kaiser Family Foundation, 8/29/07]