Mexican tomato exporters are conducting unfair trade practices and dumping tomatoes into the U.S. market, despite the 2019 Tomato Suspension Agreement. This is forcing American tomato farmers out of business and destroying the domestic tomato industry. U.S....
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...
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...
This year alone, U.S. Customs and Border Protection (CBP) has encountered an estimated 40,000 Chinese nationals along the U.S. northern and southern border. The Biden Administration has left the border wide open, allowing potential spies from the Chinese Communist...
Gotion, Inc., a Chinese company and U.S. subsidiary of Guoxuan High-Tech, announced a lithium battery plant in Illinois that is expected to open next year. This CCP-tied battery company is expected to benefit from green-energy tax breaks under the Democrats’ Inflation...
U.S. Senator Marco Rubio (R-FL) joined National Public Radio’s All Things Considered to discuss his plan to expand the child tax credit for working families. See below for the full transcript and listen to the edited interview here. On the connection between the child...
Today, Senator Rubio submitted the following statement for the record regarding the American Jobs Act of 2011.
Mr. President:
I strongly oppose S.1660, the American Jobs Act of 2011.
I am eager to work with members of both parties to find common ground on policies that will help grow the economy at a time when our nation continues to struggle with high unemployment and low economic growth. To be clear, there are certain proposals in the American Jobs Act that I would support individually, including an extension of the payroll tax cut, allowing businesses to fully expense the cost of acquiring new capital, and a delay of the three percent withholding penalty on government contractors. These provisions would provide piecemeal relief to the economy.
Unfortunately, the positive provisions in the American Jobs Act are overshadowed by a massive $453 billion tax hike that would be highly damaging to the ability of businesses that pay individual tax rates to expand operations, hire new workers and compete internationally. According to data from the Department of the Treasury, 80 percent of taxpayers affected by this new 5.6 percent tax increase would be business owners. Furthermore, the Joint Committee on Taxation estimates that 34 percent of business income would be ensnared by the job-destroying tax increase in S.1660.
Worse, if the 2001 tax relief expires as scheduled in 2013, this new tax surcharge would push the top marginal tax rate to nearly 50 percent when accounting for the new 3.8% Medicare tax on unearned income in the Patient Protection and Affordable Care Act. It would also sharply increase taxes on capital gains and dividends investment, hurting small businesses and investors.
Small businesses have been burdened by more than $1 trillion new taxes and penalties in the health care law and regulatory agencies have churned out over 60,000 pages of new federal regulations this calendar year alone. Simply put, they cannot afford the burden of another tax hike from Washington under the guise of job creation.
This is why the nation’s leading business groups representing millions of American business owners, including the National Federation of Independent Business and the National Association of Manufacturers, all strongly oppose the permanent tax hike in S.1660. This is why a growing group of Democrats vocally oppose this legislation, and why I oppose proceeding to it.
Since I joined the Senate nine months ago, I have maintained my strong belief that Democrats and Republicans should work together to pass policies proven to boost economic growth like pro-growth tax and regulatory reform, lowering barriers to free trade, and cutting spending to avert our looming debt crisis. Unfortunately, the huge tax increases on job creators and more debt-financed stimulus spending in the American Jobs Act would move our nation in squarely the wrong direction.