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Marco Rubio (Tax Reform) (view source)
Revision as of 15:59, 27 January 2016
, 15:59, 27 January 2016no edit summary
[[Marco Rubio|Rubio's]] [[Tax Reform]] [[Marco Rubio (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
**Wants to repeal ObamaCare and all associated $1 trillion in taxes
**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
**Eliminates all itemized deductions and tax “extenders”
**Charitable contribution deduction and mortgage interest deduction available for all
**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%
**Wants to implement a tax credit to any business offering between four and twelve weeks of paid family leave
**Rubio’s plan aims to allow for immediate expensing of capital expenditures
**Wants to reduce the double taxation of corporations doing business overseas
**Aims to eliminate the federal estate tax that penalizes family owned farms and businesses
**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
