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ICYMI: Rubio to WSJ: Tax Reform Can Be Pro-work and Pro-family

Jan 22, 2024 | Press Releases

Letter to the Editor: Tax Reform Can Be Pro-work and Pro-family

U.S. Senator Marco Rubio (R-FL)

January 22, 2024

Wall Street Journal

I agree with your assessment of “Mr. Smith’s Lousy Tax Deal” (Review & Outlook, Jan. 18)—to a point…. [T]he editorial board errs in asserting that allowing parents to keep more of their tax dollars is “income redistribution.”

House Ways and Means Chairman Jason Smith deserves credit for not re-creating President Biden’s child allowance…. House Republicans haven’t gone far enough, though. Their deal would index the $2,000 credit per child to inflation…, but without a base increase, negotiators have locked in erosion from Mr. Biden’s inflation….

Doing nothing isn’t an option, because Republicans’ pro-family tax cuts from 2017 will expire in 2025. My proposal for the child tax credit would retain the connection to work, but allow families to start receiving the credit with their first dollar of earned income, at a rate of 15.3%, to offset combined employee and employer payroll tax liability…. 

We should also dramatically increase the size of the tax credit to $3,500 a child ($4,500 for young children). Tax relief for working families is fundamental to our party’s platform, and we can do it in a way that is both pro-work and pro-family.

Read the rest here.