I think we should be very conscious of the fact that reducing tax expenditures, it matters very much which ones and how we were to go about doing it.
Pat Toomey
The Public Record
Patrick Toomey is a former United States Senator from Pennsylvania, serving from 2011 to 2022. A member of the Republican Party, Toomey was known for his focus on fiscal conservatism, economic growth, and limited government. During his tenure, he served on several Senate committees, including the Banking, Housing, and Urban Affairs Committee, where he was involved in financial regulation and economic policy discussions.
This is the most pro-growth thing we can do is to fundamentally reform our Tax Code.
Wouldn't that tend to enhance growth and, therefore, enhance revenue to the Government?
My preference would be that we move in the direction of a more territorial system.
So structural reforms in a program are likely to have more enduring results than long-term caps designated. Would you agree with that?
I just want to underscore, I think this is a problem with the scorekeeping methodology.
If we can have policies that will encourage maximizing economic growth, all problems are easier to solve with a strong, growing economy.
If we tolerate or aggravate the current deficit problem with the promise that we will work it all out in the future, that is a very, very dangerous direction to head in.
I am sure you would agree that when it comes to its impact on economic growth, not all Government spending is equal.
Isn't there a danger that the magnitude of the debt is already impeding economic growth?
At the end of the day, there is no free lunch, and a Government spending expansion here is actually going to do more harm than good.
Isn't it true that as recently as 2007 the current tax rate structure yielded revenue that was about 18.5 percent of GDP?
That suggests to me that it is very dangerous to delay making meaningful reform.
Isn't it generally likely that if we use the Tax Code to distort economic activity on balance we are going to have less economic growth than we would have if we allowed the marketplace to allocate capital instead of political people?
If you don't think that hospitals and doctors practice defensive medicine, you are absolutely crazy.
The main reason that total revenue as a percentage of GDP is so much lower than the historical levels is because we have an economy that is still effectively in a recession.
I would just urge us to consider that there is another theory here, which is that Government can't really create demand on balance.
At a time when our Nation's unemployment rate is over 9 percent, this would be a very dangerous gamble.
Unless the Bureau is reformed, it is only a matter of time before this concentration of power is abused.
There could not be a worse time, I believe, to give an unelected and unaccountable bureaucrat a blank check.
No one person, I believe, should have so much unfettered power over the American people.





