The Biden Administration has been slow to implement sanctions under the Uyghur Human Rights Policy Act, which became law in 2020, and seeks to hold the perpetrators of the Uyghur genocide accountable. U.S. Senator Marco Rubio (R-FL) and U.S. Representative Mike...
In-person Mobile Office Hours Monday, December 11, 2023 Jackson County 9:30am – 11:00am CST UF/IFAS Jackson County Extension 2741 Penn Ave. Suite 3 Marianna, FL 32448 Click Here Pinellas County 1:30pm – 3:00pm EST Pinellas Park Chamber of Commerce 5851 Park...
Foreign adversaries, including China, have significantly increased covert tactics to infiltrate American colleges and K-12 schools. They do this to steal research, spread propaganda, and silence students and academics. U.S. Senator Marco Rubio (R-FL) and...
The criminal Maduro regime issued bogus warrants to arrest members of the Venezuelan opposition, including several campaign staffers working for opposition leader María Corina Machado, who won the opposition’s primary election earlier this year. Last night, Roberto...
El senador estadounidense Marco Rubio (R-FL) habló con Ninoska Pérez en La Poderosa 670 AM, sobre los grupos en EE.UU. que apoyan la masacre que lidera Hamás contra Israel, sobre los reclamos para un cese de fuego, sobre el arresto de Manuel Rocha y más. Una...
Yes, We Should Restrict U.S. Investment in China U.S. Senator Marco Rubio (R-FL) December 7, 2023 National Review [A] recent investigation reveals that U.S. firm BlackRock is funneling the assets of millions of unwitting Americans into Chinese companies directly...
Washington, D.C. – Senator Marco Rubio today applauded the U.S. House Financial Institutions and Consumer Credit Subcommittee for exposing a destructive proposed mandate (REG-146097-09) that would impede small business lending and further undermine job creation.
The regulation would require U.S. banks to report the amount of deposit interest earned by nonresident aliens to the Internal Revenue Service (IRS). The mandate, which mirrors previously-rejected proposals from the IRS, would abandon over 90 years of well-established tax policy and cause tens of billions of dollars to flee the economy, placing a heavy and disproportionate burden on states like Florida which rely on foreign deposits to spur small business lending and encourage economic growth in local communities. A 2004 study from the Mercatus Center at George Mason University found that a narrower rule proposed in 2002 would have caused a capital flight of more than $87 billion.
“I applaud Chairman Bachus and Subcommittee Chairwoman Capito for holding this important hearing on the IRS’s pointless foreign deposits mandate, which would be a major blow to Florida’s economy at a time when our state’s unemployment rate is hovering around 11 percent. The last thing the IRS should do at a time of slow economic growth is supersede Congress and move forward with a pointless regulation that will impede the ability of independent and community banks to increase lending to businesses that create jobs. I urge the Administration to withdraw this job-destroying mandate and send a signal to investors that America remains open for business.”
Senator Rubio has introduced bipartisan legislation, S.1506, which would stop the IRS from moving ahead with its foreign deposits mandate, maintaining the current system of interest reporting. The legislation, which mirrors legislation introduced by Congressmen Bill Posey (R-FL) and Gregory Meeks (D-NY), has 17 co-sponsors, and is supported by groups including:
Senator Rubio also submitted written testimony to the Financial Institutions and Consumer Credit Subcommittee.