Right now, republican senators are working on a historic tax cut. This cut would mean Americans of all stripes would take home more pay. Better yet, companies–that create jobs and employ millions–would no longer be punished with a huge corporate tax.
Many conservatives are voicing their support. Unfortunately there are a few holdouts.
And then there are some who are trying to destroy the bill. From the inside out. Senators like Marco Rubio.
One of those amendments (two, actually) were filed by Senator Marco Rubio (R-Florida). They each bolster the child tax credit expansion already present in the base bill. In addition to doubling the child credit to $2000, the Rubio amendment(s) make the credit more defensibly refundable by tying it to the payroll tax, removing the marriage penalty in the credit’s phaseout, and indexing the credit to inflation…
In order to pay for this expansion of the child tax credit, Senator Rubio has attached what is perhaps the most politically inadvisable of all possible pay-fors. The base bill on the floor reduces the corporate income tax rate from 35 percent to 20 percent. This is the heart of the entire tax bill, the basic unifying force of the effort…
Today, Senator Rubio offered an amendment to temporarily increase the child tax credit in exchange for a permanent increase in the corporate income tax rate…
The amendment, if successful, would signal the end of business tax reform.
Lowering the corporate tax is the heart of the bill. Right now, companies pay 35% in taxes. That’s higher than many other countries, including Ireland (which has a 12% rate). Guess what? Many companies during Obama’s era left the United States because of this rate. Many more will follow, if Rubio’s scheme is carried out.
Remember all those companies promising to bring back jobs to America? They did so on the hopes that Trump would cut taxes. If it fails, all those promises would go unfulfilled. Companies would continue to outsource jobs, even white collar ones. Major companies would leave America for good.
This is a trick democrats love. They hike taxes on companies, foolishly thinking they’ll just stick around and pay it. Liberals have no solution when so many go overseas forever.
Trump and the GOP are working hard for tax reform. This bill will be a historic victory for every man, woman, and child in America. So why does Rubio seem determined to kill it?