Southeastern PA

Senator Toomey visits Montgomery County, praises tax benefits

Senator Pat Toomey (R-PA), who played a central role in passing last month's tax legislation, was in Montgomery County Friday touting the benefits of the law.

Toomey paid a visit to M&S Centerless Grinding in Hatboro.

After taking a tour of the manufacturer, Toomey insisted to WFMZ that the law is good for everybody. 

"The overwhelming vast majority of people are gonna see a personal tax reduction. It's well over 90 percent of the people I represent," he said. "And that probably kicks in in late February maybe early March."

Critics, including many independent analysts, say the law will balloon our already large federal deficit. 

Toomey asserted that growth created by the tax cuts will more than offset lost revenue.

"It will take a very, very small increase in economic growth to give us the larger economy on which the taxes then will grow the federal revenue," he said. 

However, he also acknowledged a larger spending problem on the horizon, which he sees as a separate issue.

"Going forward, it is not possible to put us on a sustainable fiscal path unless we get the growth in federal spending down to a manageable amount," he said. 

Therein lies the problem in the short-term.

"That's the hardest thing in Washington to do is to get politicians to agree to cut spending. So, I don't know what the prognosis looks like for that," he said. 

He's also skeptical any kind of entitlement reform is in the cards this year. 

With that said, Toomey believes a conservative agenda has been advanced under President Trump.

"Confirming judges to the Supreme Court and the lower courts, rolling back the excessive regulation that held back economic growth during the Obama years. Now the biggest tax reform in 31 years," he said. 

For his part, John Shegda, the owner of M&S Centerless Grinding, said he plans to hire and invest in his business this year. 

"Not solely due to this tax law, this is something that we had to do. But this certainly makes it easier to do and makes our cash planning and planning for the company significantly easier," said Shegda.  

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