Sen. Toomey Visit
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Senator Toomey was in Johnstown this afternoon talking about tax reform. The Johnstown Area Regional Industries hosted it where leaders from the Johnstown area attended. We have more on what the new tax code could mean for local businesses. U.S. Senator Pat Toomey in Johnstown Tuesday afternoon talking to business leaders about a new tax code that senate republicans are trying to pass. "This is our chance. I think it'll be great for hardworking families, great for our economy, and for the creation of new jobs." Toomey calls this the most important tax reform in 30 years. That includes making sure U.S. Businesses are globally competitive. "We have wildly more tacks imposed on our business large and small than the rest of the world does so we need to change that." Jackie Kulback from Gautier Steel is the Chief Financial Officer and Controller. "Major investments cost millions and millions of dollars. And being able to claim a tax exemption creates investment capital more adventagous." Jeff Stopko says tax cuts would help his business and community. He's the CEO of Ameriserve Financial in Johnstown. "As a community bank, we pay less income taxes every year, that would allow us to retain more business in our business and ultimately that would give us more flexibility to lend to businesses and consumers, which should help the overall economy." But Toomey says it's not just businesses that would be helped. "A married couple who file their tax return jointly will not have to pay any federal income tax on the first $24,000 dollars they earn." Toomey hopes to have the votes to pass the bill even if that includes the Vice President breaking the 50 - 50 tie vote.