Sen. Marco Rubio, R-Fla., criticized the corporate tax rate cut in the Republican tax code overhaul during a new interview.
"If I were king for a day, this tax bill would have looked different. I thought we probably went too far on (helping) corporations," he said, The News-Press of South Florida reported.
"You're going to see a lot of these multinationals buy back shares to drive up the price. Some of them will be forced, because they're sitting on historic levels of cash, to pay out dividends to shareholders. That isn't going to create dramatic growth," Rubio said.
The senator noted his success, along with Sen. Mike Lee, R-Utah, in pushing for an increase in the child tax credit. "We had to spend a lot of time educating people on the reality about the child tax credit. It isn't welfare. It's directly tied to work. You can't get it if you don't have a tax return. You can't get it if you don't have earned income," he said.
Rubio said that the public opinion on the bill would change when Americans see its effects. "By the time we get to November of next year, their opinion about the tax bill is not going to be based on media coverage. It's going to be based on what their paycheck is telling them."
The Republican tax bill cut the corporate tax rate from 35 percent to 21 percent, which Republicans have said would lead to higher wages and more jobs. While some U.S. corporations announced raises and bonuses, including Boeing, Wells Fargo, Comcast, and AT&T, some corporations planned to funnel the savings into benefits for executives, according to The Hill.
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