Marco Rubio (Tax Reform)

Rubio's Tax Reform (section page)

A Pro-Growth, Pro-Family Tax plan

• Simplify the tax code to reduce the number of brackets from seven to three (MRWTR)
• Unorthodoxically wants to keep the tax rate ~35% for the top household income earners (Politico)
• Rubio plans to get rid of the tax burdens on dual earning married couples (MRWTR)
• Wants to repeal ObamaCare and all associated $1 trillion in taxes (MRWTR)
• Wants to create a partially refundable Child Tax credit of up to $2500 per child that phases out above an individual income of 150k and a joint income of 300k (MRWTR)
• Eliminates all itemized deductions and tax “extenders” (MRWTR)
• Charitable contribution deduction and mortgage interest deduction available for all (MRWTR)
• Implements a single $2500 universal tax incentive for post secondary education or job skill training under the 400-500% threshold of the federal party line (MRWTR)

Businesses and Corporations

• Marco Wants to cut taxes for small business to 25% down from the current tax rate of 35% (MRWTR)
• Wants to implement a tax credit to any business offering between four and twelve weeks of paid family leave (MRWTR)
• Rubio’s plan aims to allow for immediate expensing of capital expenditures (MRWTR)
• Wants to reduce the double taxation of corporations doing business overseas (MRWTR)
• Aims to eliminate the federal estate tax that penalizes family owned farms and businesses (MRWTR)
• Interest income would not be taxable (MRWTR)
• Provides a transition period, which requires a one-time booking of investment at current law capital gains and dividend rates, minus the 3.8% investment tax hike from ObamaCare (MRWTR)