Rubio has crafted a tax reform proposal with fellow Senator Mike Lee of Utah. The plan would reduce corporate tax rates and eliminate capital gains taxes, among other changes to the tax code.
INTERVIEWER: “In addition to running for president of the United States, you are also unveiling a tax plan, it's the Rubio-Lee tax plan. We've got, just, if you're not familiar with it, these are some of the highlights: It would cut the top tax rate for corporations from 38% to 25%, eliminate taxes on capital gains and dividends, and on inherited estates. For individuals or families, it would reduce 7 tax brackets to 2 – you'd either be in the 35 or the 15. And it would create a new tax credit worth up to $2500 per child. Why are you and Mike Lee doing this?”
MARCO RUBIO: “There's two aspects to this tax plan. The first is pro-growth, and multiple groups have looked at this plan and have admitted, have said, there is no more pro-growth plan out there. Because we make America the best place in the world to invest, and to do business in. And we need that dynamic economic growth. This country needs to create millions, not just of new jobs, of better-paying jobs. The second part of it is the personal side of it. And we lower taxes on over 9 out of 10 Americans, vast enormous majority of Americans. But in particular, we help families that are raising children, and I'll tell you why that's important:
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They are raising our future taxpayers. Social Security and Medicare is funded as pay-as-you-go, which means today's workers are funding today's Social Security. My mom is on Social Security. So when we pay in every month to Social Security we're funding that. The future payers of my Social Security and your Social Security are the children of today, and parents that are undertaking the expense, are investing in America's future, and so the tax plan adds to the child tax credit in recognition of the fact that the tax code currently penalizes families with children.