Toomey: Tax Plan To Provide Relief For Middle-Income Families
Philadelphia (CBS) - Earlier this week, President Donald Trump announced a tax proposal that focuses on cutting rates for the middle class, something that Sen. Pat Toomey, R-Pa., says is a fact.
Toomey told The Dom Giordano Program that when you see the final product of the plan, that's what you'll see, relief for middle-income families.
"That is what we are solving for. We are going to make sure that the combination of increasing the standard deduction, lowering rates. There are a lot of dials that can be complicated, but at the end of the day we know what the goal is. The goal is middle income families are going to pay less. Hard working people are going to keep more of what they make. That I can absolutely guarantee. I'm confident that we will make the American tax code much more competitive for our businesses and our workers."
Another plan focus is simplifying the tax brackets and how that will kick in. Toomey says they haven't figured that out just yet.
"It's one of the last things that you file for in order to making sure, at after you've done other things like doubling the standard deduction and eliminating some of the other deductions that you make sure that hard working, middle income families aren't paying any more. And so one of the ways you do that is you adjusts the brackets as needed. So that the medifacts of all the changes on that family is a tax reduction."
Toomey says they're not trying to plan anything in secret, they just haven't gotten to that level of detail quite yet.