U.S. Senator Marco Rubio’s (R-FL) office will host in-person and virtual Mobile Office Hours next week to assist constituents with federal casework issues in their respective local communities. These office hours offer constituents who do not live close to one of...
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Rubio Receives Democracy Award for Innovation and Modernization
Every year, the Congressional Management Foundation (CMF) recognizes Members of Congress for their non-legislative achievements in operations, communications, and constituent services. U.S. Senator Marco Rubio (R-FL) was awarded the 2024 Democracy Award for...
Rubio sobre la Toma de Posesión del Presidente Panameño
El senador estadounidense Marco Rubio (R-FL) emitió el siguiente comunicado sobre la toma de posesión del presidente panameño José Mulino: “A principios de este año, tras un proceso electoral pacífico y democrático, el pueblo de Panamá eligió al Presidente José...
Rubio Statement on Panamanian President’s Inauguration
U.S. Senator Marco Rubio (R-FL) issued the following statement regarding the inauguration of Panamanian President José Mulino: “Earlier this year, following a peaceful and democratic electoral process, the people of Panama elected President José Mulino as their new...
Rubio on State Department’s 2023 International Religious Freedom Report
Each year, the U.S. Department of State releases to Congress its International Religious Freedom Report. This report highlights the status of religious freedom in countries worldwide. U.S. Senator Marco Rubio (R-FL) issued the following statement regarding the release...
Next Week: Rubio Staff Hosts Mobile Office Hours
U.S. Senator Marco Rubio’s (R-FL) office will host in-person and virtual Mobile Office Hours next week to assist constituents with federal casework issues in their respective local communities. These office hours offer constituents who do not live close to one of...
How the New Lee-Rubio Tax Plan Would Boost the Economy
The U.S. has the highest corporate tax rate in the developed world, is the only major country to tax its businesses on income earned outside the country and delays the ability of businesses to deduct capital expenses for as long as 39 years. The monstrous complexity of the U.S. tax system has a disproportionately adverse impact on small businesses. It is a major reason why U.S. economic performance is anemic.
The Lee-Rubio plan, announced today, would fix these problems and result in a rapidly growing economy. Based on a forthcoming Tax Foundation study of the plan and previous analyses of similar plans in the past, the plan from Sens. Mike Lee, R-Utah, and Marco Rubio, R-Fla., has the realistic potential to increase the size of the economy by 15 percent over what it would be if we do nothing. Although tax lawyers would probably see their incomes decline, most Americans would see substantially higher real incomes.
The plan does this by reducing business tax rates to 25 percent, allowing business to deduct capital expenses when incurred, moving to a tax system that does not punish U.S. businesses for operating and selling abroad and eliminating the double taxation of corporate income.
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The business reforms in the Lee-Rubio plan are extremely good and would make virtually all Americans better off but the individual reforms could be improved.
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Keep reading here.