Toomey rips Obama corporate tax plan

WASHINGTON -- Pennsylvania Sen. Pat Toomey had a prime role Tuesday in the Republican push back against President Obama's plan to overhaul the corporate tax code.

Toomey was one of four Senate Republicans to speak out against the president's proposal at an afternoon news conference just off the Senate floor.

"It seems that this administration never misses an opportunity to miss an opportunity to grow this economy," Toomey said, standing alongside Senate Minority Leader Mitch McConnell, the top Republican in the chamber, and Sens. Orrin Hatch (R., Utah) and Rob Portman (R., Ohio).

Obama today will call for streamlining the corporate tax code, lowering business tax rates and using some of the new revenue for job creation programs, such as new public works projects.

Republicans, though, want all of the changes in the tax code to go toward lowering rates, not new revenue for government programs.

"We've had a lot of tax increases," Toomey said, pointing to tax hikes in the president's health care law and the increases on the wealthy approved as part of the "fiscal cliff" deal. "This is part of the reason we have the slowest economic recovery since the great deprsssion. We don’t need more tax increases."

Toomey's prominent speaking spot today returned him to the fiscal and economic battles where he is most comfortable and most vocal, but that he veered from earlier this year while taking on a prominent role in the debate on new gun laws.

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