Sen. Toomey: Tax Hike Would Harm U.S. Economy

PITTSBURGH (KDKA) — U.S. Senator Pat Toomey, R-Pennsylvania, has been named to a joint congressional committee.

The goal – trim the nation’s budget.

Toomey, along with 11 other Senate and House members, must come up with at least $1.2 trillion in cuts to the budget by late November.

One of the big issues facing the committee is whether to raise taxes.

Most Democrats fall in line with Congressman Mike Doyle, D-14th District, who said last weekend on the KD/PG Sunday Edition that taxes have to be increased on a select group.

“So, the idea that somehow people at the top have been taxed too much, their tax rates have been coming down over the last 50 years, not going up,” he said. “And we’re not even talking about raising them dramatically. The proposal is the let the Bush tax cuts expire which means the people at the top would pay an extra two to three percent. That’s what we’re talking about.”

Sen. Toomey sees the situation differently. KDKA’s Stacey Smith asked him if tax hikes are off the table.

“A tax hike is only going to do harm to the economy,” he said. “I’d like to clean out a lot of these special interest loopholes and write-offs and really unfair features. […] The strong economic growth that would come from that and make America the world’s premier destination for investing capital and growing the economy,” he said. “That’s the common ground we ought to be able to find.”

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One Comment

  1. FAIRTAXES says:

    Pat Toomey Tax cuts for corporations have done nothing for american people. It has taken so much Revenue from our government and now they are making the american people suffer rather than making the RICH pay their fair share!!!!

    1. PGH Michelle says:

      Excuse me Sir, Many American’s including me work for corporations. WE ARE WORKING PEOPLKE TOO!

      1. Just Saying... says:

        Do you really think by working for the corporations that are receiving these tax breaks you see any extra money? That would make you a fool. All these breaks do is inflate the compensation of the executives.

      2. Jesus_was_a_tax_protester says:

        Another politician clown is talking about taxes.
        Make the government obey and follow the income tax law.

    2. Warlock Jones says:

      Fairtax – Pat Toomey has not cut taxes for corporations YET (but he should and will). So I ask, how can you make such a stupid comment?

    3. PGH Michelle says:

      Also, Rich people (as you call them) are also American People and they pay much more in taxes than the average person in this country.

      How about the 47% who pay NO TAXES start contributing and pay their far share!

      1. hwright says:

        Dont worry the Middle Class will continue to foot the bill for you to enjoy luxuriuos life style……

      2. Zoeyzotron says:

        Please give me your definition of middle class?

  2. Rich says:

    Mr. Toomey says that “raising” taxes would hurt the economy, but he doesn’t explain in what way? Every once in awhile some of these supply siders make vague noises about job creators, but these tax cuts have been around since 2002, & jobs have been getting ever scarcer, not being created. Again, I keep hearing these little noises about the 47% of the population that pay no taxes. Think about it morons, that would be because there are that many people in this depression who don’t have enough income to tax. You can’t squeeze blood from a turnip. The simple fact is that no matter how much money we allow the federal government to transfer to the uber rich via tax breaks, corporate subsidies, & pork barrel government contracts to corporations, this depression will not end until large numbers of people can afford to start buying stuff again. And that’s not going to happen until there are enough people working at well paying jobs. And that’s not going to happen until supply sider’s like Mr. Toomey realize that jobs are not created by shrinking the economy with severe austerity measures, that the Wall St. investment aristocracy have no share in. For those who still believe that the super wealthy pay a disproportionate amount of taxes, understand that under the current tax rates Warren Buffet pays less income tax than his secretary. He is NOT a special case among his income class. Mr. Toomey says that he wants to overhaul the corporate income tax system to get rid of loopholes. Bravo! Excellent idea! Here’s a very simple suggestion. Whatever the average corporate tax rate is in all other developed nations, make that the US rate .. no loopholes, & no exceptions. I of course am not holding my breath waiting to see this happen, because under such a system, GE would actually have to pay taxes, & the overall corporate tax rate would certainly be higher than its current real average of about 9%.

    1. Warlock Jones says:

      Interesting that GE’s CEO and obama are buddies. Interesting contradiction isn’t it…


    Large corporations like verizon for example make 22 billion dollars a year, does anyone even understand how much money that is.
    I DO NOT buy into that Bull that if you tax them higher it eliminates jobs companies like that could not function right if they did that.
    Democrats = Large Government Bull / Republicans = Tax Breaks For The Corporations Bull..

    1. Zoeyzotron says:

      I do, $22 Billion dollars is the amount of money that OBAMA SPENDS IN 8 HOURS OF 1 YEAR! Our goverment spends about 96 B a day. So go ahead and take Verizons 22 B, it would be peanuts to the US Government…..


        Miss Zoeynuts, I do not support large government or Barry Obama for that matter.
        I also don’t support GREED EITHER.
        i support the WORKING MAN and I don’t care if VERIZON makes only 10 billion compared to 22 Billion.
        Like you always said in past posts they (VERIZON) WILL HAVE TO LIVE WITHIN THEIR MEANS.
        i have watched Repubs in their debates and that’s all they talk about is breaks for corporations and never about any BREAKS FOR THE WORKING MAN.

    2. Old & Tired says:

      and you do understand that the $22 billion you refer to is owned by the folks like me that invest in my 401 k and IRAs.

      1. FEDUP says:

        hey when Billy Bob Billionaire wets his pants the stocks drop!!!!! Better off heading to vegas or digging a ditch in your back yard! These plastic coffees cans hold up better than the metal ones did. y-uck y-uck

  4. Hwright says:
    Hey Pat Toomey read the article! Its coming from the horses mouth!!! Not to be mean. Mr. Buffett is a true patriot to AMERICA!!!!!!!!!!

  5. Zoeyzotron says:

    HWRIGHT – Buffet is a bafoon, no one listens to him.

    Here are some real facts for you. Taxing will absolutly NOT fix the problem. we SPEND too much, thats it. No disputing it.

    If you take the 10 largest companies in this country (in order, WalMart, Exxon, Chevron, GE, Bank of America, Conoco, AT&T, Ford, JP Morgan, and H.P.) their TOTAL 100% Profits in 2010 were 101 Billion dollars….

    That would pay for 2.8% of THIS YEARS BUDGET… Or another way to look at it is that oBama would have all your new tax revenue spent in 11 DAYS… Yet another way to look at it…. You new 101 B would cover 1/5 of welfare for one year…..

    Also, in 2011 Bank of America has already posted 2.5 billion in losses… so I guess that revenue will be gone for the tax man the next year.

    Additional taxes are not the answer. Additional taxpayers are the answer, which oBama does not believe in (the sole reason he will be gone in 2013). More major layoffs are coming, watch the next 6 months.. Unemployment of 10%+ is easily coming. (And you do realize that’s a BS #, it is really 17.6+%)

    One other fact I found hilarious, GOVERNMENT OPERATED Fannie Mae is 5th is total revenue, collecting 153 Billion dollars…. posting a 14 billion dollar LOSS…. and you want to let this government run more?

  6. HWRIGHT says:


    1. Zoeyzotron says:

      You have listed no facts. Not one. You posted an article on a mans opinion. maybe i should post one from Trump….

      You absolutly can not dispute my numbers above. Why don’t you comment on that. I dare you….

      1. The One says:

        Zoey. Hwright gets her information from a union newsletter, don’t waste your time, there is zero chance of getting her to understand.

        It does amaze me that after 3 years of this disaster of an administration some people want more of it….

      2. Zoeyzotron says:

        Thanks for the warning One… I like to try, not sure why.

  7. Robert says:

    No matter how much you raise taxes it will not be enough.

    The United States has NEVER taken in more total tax revenue than 2007, $2.57 Trillion. Yet we are spending $3.46 Trillion this year (expected rev for 2011 is only $2.1 T).

    Sadly its probably time to pack it in… this country no longer has the stomach for the massive cut that would need to happen to return us to greatness.

  8. THE reaper says:

    there is no need to argue. if you can do math, then you can see our future. only massive growth paired with massive cuts will save our economy.

    i do not foresee either happening. brush up on your mandarin

  9. FAIRTAXES says:

    Most of “President Obama’s debt” was carried over from Bush programs. These include: $910 billion in interest on the debt, $360 billion on the unfunded and unnecessary Iraq war, $319 billion on the unfunded TARP/bailout balance (as of May 2010), $419 billion on Bush recession revenue drop, $190 billion on Bush’s unfunded Medicare drug program, a present to the drug companies, $211 billion for Bush’s unfunded Medicare Part D, and $771 billion for the unfunded Bush tax cuts.

    1. Mad Hatter says:

      STOP the blame game, it makes obama sound so weak.

      Not to mention that he will add 5.5 Trillion to the debt by the end of his 3rd year. Not a good argument for obama anymore.

      1. FAIRTAXES says:

        You not blaming antone if your speaking the FACTS!!! Stop turning youir head to the REAL PROBLEMS!!!!!!

  10. FAIRTAXES says:

    The top 2 percent of this country profited greatly during Bush’s reign at the expense of everyone else and they still want more. Anyone who is not in that top group and votes Republican can only be called a “sucker.”

  11. FAIRTAXES says:

    When Clinton left office in 2001, the Congressional Budget Office predicted that by 2009-10 the debt would be paid off, and we would have $2 trillion surplus. Instead we got $10.5 trillion in debt because of tax cuts for the rich, an unfunded drug program for the elderly, and two wars, all on the installment plan.

  12. FAIRTAXES says:

    Another thing we got is paranoia, greed and racism. My parents raised me to respect the president even if I didn’t like him. Calling our president names like Marxist is just racism without using the N-word. I didn’t forget these numbers in 2008, and I sure won’t in 2012. Life is short, and it seems memories are too.

    1. Robert says:

      Who cares whos fault it is. Bush spent too much and Obama has made it worse (actually much worse).

      the bottom line is that the numbers are the numbers.

      by the way, the CBO is a joke. In 2012 they are also projecting a $500 B gain in total tax rev. that amount has never ever actualized to more than 200 B and that was in the boom times.

      We can’t contine to spend what we don’t have.

    2. Mad Hatter says:

      racism…. play that card.. you are a fool.

      I would vote for Herman Cain with out a doubt, today!

  13. Mad Hatter says:

    I did quite well under Bush and I am no where near the top 2%.

    Fairtax, your comments sure make it look like you have no idea what to do with your money. It was easy to make money for most of the past decade. Actually, it was one of the better decade of all time.

  14. FAIRTAX says:

    Republicans like to claim that Obama “tripled the deficit” and point to the huge 2009 budget deficit. They use charts that show the 2009 deficit was, indeed, huge and about triple the prior year’s borrowing. But the 2009 budget was the last year of BUSH budgets.

    When you look at charts or hear descriptions from Republicans, they always say that this was Obama’s deficit. This is just propaganda- lies intended to deceive.

  15. FAIRTAX says:

    So again, Republican claims that Obama has somehow increased the deficit are just lies intended to trick people. This massive increase that was reported after the fiscal year ended Sept. 20 occurred under Bush.

  16. seth says:

    And where exactly were the dems budget plan

  17. FAIRTAX says:

    Would you have rather seen them DEFAULT??????

    1. Warlock Jones says:

      There would not have been a default. Default could only be caused by not paying interest which is (only….) 29 Billion. The shortage in funds could have been pulled from welfare…

  18. Robert says:

    Tea Party is HERE FOREVER. obama has awakened the general hardworking American public.

    1. FAIRTAX says:


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