Pat Toomey Fights to Eliminate Corporate Taxes by Raising Taxes on Middle Class Families
Harrisburg, PA — Wall Street derivatives trader has a long record of fighting for corporate special interests over Pennsylvania families. As a Congressman, he took to the House floor and fought to deregulate Wall Street, and he was the chief advocate for Social Security privatization, which would put seniors’ retirement savings in the hands of Wall Street bankers. But Pat Toomey also has a record of fighting to eliminate corporate taxes, which will help corporate special interests and his Wall Street friends while fighting to raise taxes on middle class families.
In an appearance on CNBC, Congressman Toomey made it clear that he wants to “eliminate corporate taxes altogether,” but he likes to leave out how he would pay for this: raising taxes on working families.
“Wall Street derivatives trader Pat Toomey has spent his entire career fighting for corporate special interests,” said Mark Nicastre, spokesman with the Pennsylvania Democratic Party. “Whether he was fighting to deregulate Wall Street, working to privatize Social Security or advocating the elimination of corporate taxes by raising taxes on the middle class, Pat Toomey has always sided with corporations over middle class families.”
Congressman Toomey has supported two tax proposals with one thing in common; they cut taxes for corporate special interests and Wall Street by raising them for middle class families.Under a Flat Tax like Toomey proposes, CEOs at bailed-out banks would pay nothing on their Wall Street earnings, while 95% 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% on everything they do-buying groceries and clothing, visiting the doctor, getting medicine. [Annenberg Public Policy Center, 5/31/07]Congressman Toomey voted for every Bush tax proposal in Congress, which benefited only the wealthiest few.Toomey voted for President Bush’s tax cuts for the wealthiest Americans, more than 50 percent of which went to the richest 1 percent of Americans. [HR 1836, Vote 149, 5/26/01; HR 2, Vote 225, 5/23/03]An exhaustive study based on analysis of tax records and census data by the nonpartisan Congressional Budget Office (CBO) showed that tax rates for middle-income earners edged up in 2004, while rates for people at the very top continued to decline. The study reinforced the fact that the Bush tax cuts offered the biggest benefits by far to people at the very top. [New York Times, 1/8/07]These tax breaks for the wealthy are the number one contributor to the deficits we face today.The Congressman Toomey-George W. Bush tax cuts remain the single largest cause of America’s structural deficit today. The Bush administration inherited budget surpluses from the Clinton administration. What turned these into deficits, even before the recession? According to the CBO, the Bush tax cuts are by far the largest cause and have added up to $2.3 trillion over 10 years. [Washington Post, 08/02/10]Congressman Toomey is fighting to protect another $700 billion in tax cuts for the rich — right now.Today Congressman Toomey is fighting to make permanent President Bush’s 2003 high- income tax cuts – which will add another $700 billion to the deficit – despite the fact that the CBO recently concluded that doing so would be the least effective of 11 options to stimulate growth and job creation. [CBO, 7/26/10]