U.S. Senators Marco Rubio (R-FL) and Mike Lee (R-UT) will introduce an amendment to the Senate tax bill that would give working American families a far larger share of tax relief than the existing bill currently does. Senators Rubio and Lee explained:
“We have a chance to do better by working families in this tax bill. Right now, 70 percent of the tax cuts we’re considering would go to businesses, and only 30 percent to individuals. This amendment would level the playing field for families, while still kick-starting national investment and growth. By increasing access to the Child Tax Credit, we can increase working family fairness and deliver overdue relief to America’s greatest investor class: our moms and dads.”
Specifically the Rubio-Lee amendment would:
- Make the Child Tax Credit refundable up to payroll tax liability (15.3 percent of earnings);
- Fix the marriage penalty by reducing the income phaseout threshold for the Child Tax Credit to $250,000 for all non-married filing jointly filers;
- Index the Child Tax Credit to chained CPI in accordance with other individual-side provisions; and
- Increase the corporate income tax rate to 22 percent, to fully pay for the above changes.