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Washington, D.C. – U.S. Senator Marco Rubio (R-FL) appeared on CNN’s Wolf and Fox Business Network’s On Cavuto, Coast to Coast today to discuss the need to provide tax relief for working American families by expanding the child tax credit.
Earlier today, Rubio delivered a floor speech outlining the merits of the expanded child tax credit. Yesterday, Rubio joined Special Advisor to the President Ivanka Trump, Senators Tim Scott (R-SC) and Mike Lee (R-UT), and several members of the Senate and House to discuss the child tax credit. Rubio recently released an analysis showing this credit remains the best way to provide meaningful tax relief for working American families. Last week, the Senate unanimously voted to include the Rubio-Lee child tax credit amendment in its budget resolution.
Key excerpts of Rubio’s remarks are transcribed below.
VIDEO: ON WOLF, RUBIO PUSHES FOR CHILD TAX CREDIT
RUBIO: Well let me tell you what happens. If we don’t do the child tax credit and we don’t make it refundable against payroll taxes, then the middle class and working families in this country will have a tax increase. Not a tax cut. Not even break even. They will have a tax increase. The president is not going to sign a tax increase on working families. And that bill actually wouldn’t even pass. So the bottom line is we either put it in and it passes or it doesn’t get in and it won’t pass and/or he will veto it. So that’s why I know it’s going to happen. We just have to keep working and make sure it’s crafted appropriately. …
VIDEO: ON CAVUTO: COAST TO COAST, RUBIO PUSHES FOR CHILD TAX CREDIT
RUBIO: I want it to apply towards payroll tax, here is why. Number one, the family is most important institution in society. Parenting is the most important job any of us will do. And number two, something Mike Lee talks about and does very well, there is a parent penalty. So all of us, when we retire, we want Social Security, we want Medicare. Who pays for that? Today’s workers pay for today’s retirees. So when I retire, tomorrow’s workers pay for Medicare and Social Security. If I have four children and someone has no children and I retire, I just spent basically a quarter of a million dollars per child to raise four taxpayers that are going to pay for your retirement and you have no children. The tax code should account for that. The $2,000 per child doesn’t even come close to making up that gap. But it most certainly accounts for the increase, it’s most certainly a way to help families move ahead. And by the way, if we don’t do the child tax credit, and we don’t make it refundable, then you’re actually going to see middle-class families get tax increases. And the president is not going to sign that, people are not going to support a middle tax increase. It won’t pass…
And the third part is you don’t get it unless you’re working. You have got to be working. It is a pro-work endeavor here. It is certainly better for families and for our country, than to stay home and be eligible to collect government benefits at an amount equal or greater than the tax credit. …
I think if this credit was not included, and it was not refundable, and it raises taxes on middle class families, the president would not sign it. So it is a non-starter. We have to do it. We will do it.