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ICYMI: Rubio Joins The Aaron Renn Show

U.S. Senator Marco Rubio (R-FL) joined The Aaron Renn Show to discuss Rubio’s Labor Day report on working (and non-working) men. See below for highlights and listen to the full interview here. On protecting American jobs and interests: “We made a series of economic...

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ICYMI: Rubio Debates Coons on China, Environment

U.S. Senator Marco Rubio (R-FL) debated Senator Chris Coons (D-DE) on China, global leadership, and environmental policy at an event hosted by the Bipartisan Policy Center’s Senate Project at George Washington University. “We have to shape a future that recognizes...

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Next Week: Rubio Staff Hosts Mobile Office Hours

U.S. Senator Marco Rubio’s (R-FL) office will host in-person and 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...

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Rubio Habla en Maxima 92.5 de Tampa Bay

El senador estadounidense Marco Rubio (R-FL) habló con Nio Encendio de Maxima 92.5 de Tampa Bay, sobre cómo la inflación ha impactado a las familias, sobre las olas de migración ilegal, sobre el juicio político de Biden vs. el de Trump, sobre el canje de prisioneros...

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Senator Rubio Applauds U.S. House For Exposing Job-Destroying IRS Mandate

Oct 27, 2011 | Press Releases

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:

  • American Bankers Association
  • Credit Union National Association
  • Center for Freedom & Prosperity
  • Conference of State Bank Supervisors
  • Florida International Bankers Association
  • Florida Bankers Association
  • Financial Services Roundtable
  • Independent Community Bankers Association
  • National Association of Federal Credit Unions
  • National Taxpayers Union
  • Small Business & Entrepreneurship Council
  • U.S. Chamber of Commerce

Senator Rubio also submitted written testimony to the Financial Institutions and Consumer Credit Subcommittee.