Tags: Marco Rubio | mike lee | middle class | tax cut | families | corporate tax rate

Rubio, Lee: Help Families, Set Corporate Tax Rate at 22 Percent

Image: Rubio, Lee: Help Families, Set Corporate Tax Rate at 22 Percent
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By    |   Wednesday, 29 November 2017 05:48 PM

Two high-profile Republican senators announced their desire Wednesday to have the corporate tax rate sit at 22 percent, higher than the 20 percent advocated by President Donald Trump.

Sens. Marco Rubio, R-Fla., and Mike Lee, R-Utah, called on the GOP's Senate tax bill to include an amendment that would "make the Child Tax Credit refundable up to payroll tax liability (15.3 percent of earnings), fix the marriage penalty by reducing the income phaseout threshold for the Child Tax Credit to $250,000 for all non-married filing jointly filers, and index the Child Tax Credit to chained CPI in accordance with other individual-side provisions."

This amendment would cost money, so the pair asked that the tax bill reduce the corporate tax rate from 35 percent to 22 percent, rather than 35 percent to 20 percent.

"We have a chance to do better by working families in this tax bill. Right now, 70 percent of the tax cuts we're considering would go to businesses, and only 30 percent to individuals," the pair said in a joint statement. "This amendment would level the playing field for families, while still kick-starting national investment and growth."

The House passed its tax reform legislation two weeks ago. The Senate could vote on its bill as soon as this week.

President Donald Trump touted the GOP's tax reform efforts during a speech Wednesday.

"America will win like never, ever before," he said.

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Sens. Marco Rubio, R-Fla., and Mike Lee, R-Utah, announced their desire Wednesday to have the corporate tax rate sit at 22 percent, higher than the 20 percent advocated by Senate GOP tax reform bill known as the Tax Cuts and Jobs Act.
mike lee, middle class, tax cut, families, corporate tax rate
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2017-48-29
Wednesday, 29 November 2017 05:48 PM
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