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Pat Toomey (US Sen. ret.) Profile picture
@SenToomey
Dec 1, 2017 • 3 tweets • 2 min read • Read on X
The Senate’s Tax Cuts and Jobs Act has gone through regular order and has been open to bipartisan input from the start. That’s just a fact. #MythVsFact Image
There are zero changes to Medicare, Medicaid, Social Security, or education funding. Zero. #MythVsFact Image

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More from @SenToomey

Pat Toomey (US Sen. ret.) Profile picture
Jul 30, 2022
Apparently some of our Democratic colleagues care more about their $400 B future spending spree on matters completely unrelated to veterans—facilitated by what they snuck into the veterans burn pit legislation—than the programs and funding for veterans exposed to toxic chemicals.
The PACT Act could have passed weeks ago if Democrats had dropped the spending boondoggle that is completely unrelated to veterans.
Since they can’t bring themselves to abandon yet another needless, inflationary spending spree, here’s an idea: let the Senate vote on it.
Read 4 tweets
Pat Toomey (US Sen. ret.) Profile picture
Apr 11, 2022
The @FDICgov's restrictive new #crypto reporting requirement is the latest effort to illegitimately discourage banks from offering digital assets.

Fintechs and other non-banks are permitted to enter this field—banks should be able to, too.
This short-sighted action—taken without a Senate-confirmed chairman or legislation—could have a chilling effect on any bank considering offering crypto services.
Rather than reflexively pumping the brakes on banks using new technologies like crypto and stablecoins, regulators should provide clear pathways for innovation with Congressional authorization.

The FDIC’s directive underscores the need for Congress to provide regulatory clarity.
Read 4 tweets
Pat Toomey (US Sen. ret.) Profile picture
Aug 6, 2021
While I appreciate that my colleagues and the White House have acknowledged their original crypto tax had flaws, the Warner-Portman amendment picks winners and losers based on the type of technology employed. That’s horrible for innovation.
The Warner-Portman plan exempts bitcoin miners, but not other transaction validators or software developers who create these platforms.

What does that mean? Two identical services could receive dramatically different regulatory treatment depending on the technology used.
.@USTreasury wants maximum flexibility to regulate and tax crypto as they see fit. Congress should not allow that to happen.

We need to have this debate in public and in full, especially before potentially disruptive changes are made that push crypto overseas.
Read 6 tweets
Pat Toomey (US Sen. ret.) Profile picture
Mar 18, 2021
Yesterday in the @SenateBudget Committee, Dems held a hearing titled "The Income and Wealth Inequality Crisis in America."

By using incomplete/misleading data, Dems sought to paint the picture of a dire crisis.

The complete data tells a different story.

A thread 🔽
Let's start with a chart showing wage/salary data provided by Robert Reich, who was invited by Dems to testify on the matter. His chart sure looks like it's declining. But, he chose not to provide all the available data. He stopped at '18 despite data for '19+'20 being available.
Let's take a look at the complete data set:

It's the same graph, except it includes a very significant uptick right where Mr. Reich chose to stop providing data. Further, it shows a nearly decade-long upward trend accelerating right in those year.
Read 8 tweets
Pat Toomey (US Sen. ret.) Profile picture
Mar 5, 2021
We found MORE problems with the bill.
Congress just spent $25B for rental assistance in December.

Most of that money is sitting with the states yet to be spent.

Sec. 3201 puts $21.55B MORE toward “emergency rental assistance.”

The COVID-19 “emergency” for renters apparently lasts until October 2025.
Sec. 3201 says states are supposed to spend these funds helping low-income renters on their rent and utilities until Oct 2022.

Then it becomes a slush fund for whatever the Sec. of Treasury decides constitutes “affordable rental housing and eviction prevention purposes.”
Read 7 tweets
Pat Toomey (US Sen. ret.) Profile picture
Mar 4, 2021
My staff has begun scrubbing the Democrat “COVID-19 relief” bill.
 
What did we find?
 
Tens of billions of dollars in “gifts” from the American taxpayer.
 
THREAD ↓
When Americans buy clothes, groceries, or any goods, they typically don’t like to pay more than 100% of the listed price.
 
But not their government.
Here’s where the government says it’s willing to give an amount – from this bill and others enacted over the last 12 months – that’s not just equal to 100% of a transit agency’s operating costs, but instead 132%!
 
(Page 174)
Read 10 tweets

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