Posted on 11/30/2017 11:29:08 AM PST by JeepersFreepers
Sub-headline: Floridas Republican tries to blow up the Senate tax reform.
The GOP is pushing forward on tax reform, though a receiving line of Republican holdouts are slow-rolling progress. One who deserves special mention is Marco Rubio, who contributed nothing to ObamaCare repeal and now aspires to dilute the tax bill.
On Wednesday Mr. Rubio and his political sidecar, Mike Lee of Utah, announced that theyll file an amendment to the tax bill to change the $2,000 child tax credit. They want to make the credit refundable up to a persons payroll tax liability, among other expensive tweaks. To pay for the changes, Messrs. Rubio and Lee would increase the corporate tax rate to 22% from the bills 20%.
If Mr. Rubio thinks payroll taxes are too high, he can propose a payroll tax cut. But then hed have to weather the political fight of going after funding for Medicare and Social Security. So instead his back-door plan is to expand a refundable credit, which delivers checks to folks who owe no federal income tax.
More destructive is his increase in the corporate tax rate, which is the most pro-growth plank in the bill and could significantly increase what Americans earn since much of the tax falls on labor.
Messrs. Rubio and Lee are inviting Democrats to join them to pass the amendment on the Senate floor, though Democrats will oppose the final bill.
(Excerpt) Read more at wsj.com ...
thanks :)
Correct on both accounts. Good comment.
Marco Rubio, still dead to me.
I hate the tax credit...
The vast majority of people who claim it don’t pay enought taxes to cover the credit...
So if you have three children you get $6,000 tax credit...
How many people pay 6K in taxes per year...
It’s a gift out of my pocket...
Before the George W. Bush administration Virginia was English speaking, low crime and Republican.
Richmond had no barrios or bodegas.
Now we are overrun.
The problem is that some of them are raising the next generation of Mexican, Hondurans, El Salvadorans......
Illegal aliens ripping us off for child tax credits amounted to billions last year.
I wrote to him today, citing this article, and told him that he has officially become the man he campaigned against in 2010. Charlie Crist
On Wednesday Mr. Rubio and his political sidecar, Mike Lee of Utah, announced that theyll file an amendment to the tax bill to change the $2,000 child tax credit. They want to make the credit refundable up to a persons payroll tax liability, among other expensive tweaks. To pay for the changes, Messrs. Rubio and Lee would increase the corporate tax rate to 22% from the bills 20%. If Mr. Rubio thinks payroll taxes are too high, he can propose a payroll tax cut. But then hed have to weather the political fight of going after funding for Medicare and Social Security.
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