Marco Rubio (Tax Reform)
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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)
