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Washington, D.C. – U.S. Senator Marco Rubio (R-FL) today 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 need to provide tax relief for working American families by expanding the child tax credit in tax reform.
Last week, the Senate unanimously voted to include the Rubio-Lee child tax credit amendment in its budget resolution. Rubio recently released an analysis showing this credit remains the best way to provide meaningful tax relief for working American families. The policy proposal, which is supported by Ivanka Trump, has garnered significant attention and praise from commentators and experts.
A partial transcript of Rubio’s remarks is below.
RUBIO: I just wanted to say about that one – when Senator Lee and I first worked on [expanding the child tax credit], it was at $2,500. So we are very open-minded people, willing to compromise. But $2,000 is actually a real number. The number matters. Here’s why. If you look at what the tax code was when it was expanded in 2003 to today, it’s lost about $300 of value just on inflation. And then when you look at how we are treating the personal exemption, that’s about another $500. So in essence, unless you get to — $1800 is like the break event point. So it’s got to be more than $1800 to matter. And, of course, the refundability portion is critical because for the vast majority of people that we are trying to help, their primary tax that they pay is payroll tax. So if you don’t include the payroll tax refundability, you’re not helping the people you’re targeting, certainly not most of them. That’s why the $2,000 is important – it’s actually not a very negotiable number because anything less than that doesn’t really achieve the goal. So that’s why, I know they are still working through the details, but if we want to make it meaningful and make it count, it’s going to be at or near that number – maybe even higher. But obviously that’s the number we’ve aimed at, the $2,000.
Photo courtesy of Senator Rubio’s office.