This upcoming Sunday, the people of Venezuela will hold an election that, if legitimate, would put an end to years of the oppressive Maduro narco-regime. U.S. Senator Marco Rubio (R-FL) issued a statement in support of the Venezuelan people: “The...
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Rubio: “La Tenacidad y Valentía del Pueblo venezolano Estarán a la Vista”
Este próximo domingo, el pueblo venezolano tendrá una elección que, de ser legítima, pondría fin a años de opresión por parte del narco-régimen de Maduro. El senador estadounidense Marco Rubio (R-FL) grabó un mensaje de video en español y emitió una declaración en...
Rubio, Scott, Colleagues to Biden Admin: No Privileges Should Be Given to 9/11 Terrorist
Twenty-three years ago, the United States was attacked by Islamic terrorists on September 11, 2001. Now, Zacarias Moussaoui, the only person convicted in a U.S. court for his role in the attack, has requested the U.S. Department of Justice to allow a prisoner transfer...
Next Week: Rubio Staff Hosts Mobile Office Hours
U.S. Senator Marco Rubio’s (R-FL) office will host virtual Mobile Office Hours next week to assist constituents with federal casework issues in their respective local communities. These office hours offer constituents who do not live close to one of Senator Rubio’s...
Rubio, Colleagues Introduce Ensuring Continuity in Veterans’ Health Act
As the U.S. Department of Veterans Affairs (VA) opens up new facilities, many veterans are losing access to the VA’s Community Care Program and, consequently, their long-term healthcare providers. Veterans throughout the country have reported a loss of care, including...
Rubio Introduces Bill to Strengthen U.S.-India Security Partnership
The U.S.-India partnership is vital to countering influences from Communist China. In order to strengthen this partnership, it is essential to enhance our strategic diplomatic, economic, and military relationship with New Delhi. U.S. Senator Marco Rubio (R-FL)...
Rubio-Lee Tax Plan Grows The Economy And Lifts Incomes Across The Board
Senators Marco Rubio (R-FL) and Mike Lee (R-UT) released their plan to reform the federal tax code last week. The proposal would overhaul both the individual and corporate tax codes, provide a significant boost to the economy, lift incomes across the board, and result in a $1.7 trillion tax cut over a ten year period.
The Basics of the Plan
The plan includes a number of pro-growth provision. It would cut the top tax rate on business income to 25% for both corporate and noncorporate businesses, move to full expensing of capital investments, shift to a territorial system, and integrate the corporate and individual tax code by eliminating taxes on capital gains and dividends.
The proposal would also simplify the individual tax code. It would reduce the number of tax brackets from seven to two with a 15 and 35% tax rate, replace nearly all deductions and exemptions with a refundable personal credit, and create a new $2,500 child tax credit.
The Reform Grows the Economy by 15%
According to the Tax Foundation’s Taxes and Growth Model, the changes proposed by Rubio and Lee would increase the size of the economy by 15% over the next ten years, boost wages by 12.5%, and increase employment by nearly 2.7 million jobs.
This level of growth in equivalent to additional GDP growth of 1.44 per year over the next ten years. On top of the 2% growth projected by CBO, this is an average of 3.44% annual growth over the next ten years. This level of growth is still below the growth seen in the 1950s and 1960s and only slightly above the growth seen in the 1970s, 1980s, and 1990s. This is the type of growth one would expect following a fundamental change toward a neutral, consumption-based tax code.
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