Casey, Toomey differ on tax plan

April 27--President Donald Trump's new proposed tax plan is either "a massive tax giveaway to millionaires, billionaires and big corporations at the expense of middle class families in Pennsylvania" or an "outline for pro-growth tax reform" that will help in "making the United States a competitive place to do business and expanding opportunity for all Americans."

It all depends on which of the commonwealth's two United States senators -- Bob Casey Jr. or Pat Toomey -- is doing the evaluation.

On Wednesday, Trump, a Republican, unveiled a synopsis of his plan that would:

--reduce the number of income tax brackets from seven to three: 35 percent, 25 percent, and 10 percent, although income ranges were not immediately provided

--slash the corporate tax rate from 35 percent to 15 percent

--repeal the 3.8 percent Affordable Care Act taxes and alternative minimum tax

--provide a one-time tax holiday on money held by corporations overseas

--eliminate most itemized deductions, while possibly doubling the current standard deductions of $12,600 for joint filers and $6,300 for individuals

--get rid of the estate tax.

Toomey, a Republican, offered his support for the plan, saying, "The best economic stimulus for the middle class, who have seen their wages stagnate and tax bills rise over the last decade, is a well-paying job.

"The president's plan will help deliver this goal with its focus on lower rates, investment, and growth."

He added: "Simplifying the code, lowering high tax rates, and eliminating special interest loopholes will promote domestic economic growth, create jobs and raise wages. Rather than conforming to arbitrary budget constraints, the president's plan rightfully aims to jumpstart investment, which will produce significantly more revenue for the Treasury over the long-term than any revenue-neutral tax plan could generate."

Casey, a Democrat, opposes the proposal, calling it a "scheme" that would benefit well-off United States citizens, while hurting the working class.

"This tax plan may help the wealthiest and the biggest corporations avoid paying their fair share, but it won't create jobs, increase middle class incomes or grow our economy," Casey said. "At the same time President Trump and far-right congressional Republicans are planning to cut taxes for those at the very top, they are pushing a budget plan that cuts funding for our schools and money for community economic development while endangering programs like Meals on Wheels, which serves 100,000 seniors across our state.

"Instead of going along with the extreme agenda of congressional Republicans, President Trump should work on a bipartisan plan that helps middle class families."

Dave Sutor is a reporter for The Tribune-Democrat. Follow him on Twitter

@Dave_Sutor.

Dave Sutor is a reporter for The Tribune-Democrat. He can be reached at (814) 532-5056. Follow him on Twitter @Dave_Sutor.

___

(c)2017 The Tribune-Democrat (Johnstown, Pa.)

Visit The Tribune-Democrat (Johnstown, Pa.) at www.tribune-democrat.com

Distributed by Tribune Content Agency, LLC.