Speaking today at The Heritage Foundation, Sens. Mike Lee (R-UT) and Marco Rubio (R-FL) made the case for their new tax plan.
Our current tax code is so overcomplicated and burdensome, they explained, that it ends up punishing entrepreneurs and savers. Over 90 percent of Americans would see a tax decrease under their proposal.
The plan “levels the playing field” for those with small businesses who are currently paying higher taxes than their larger competitors. “The more you innovate, the more you invest into the economy,” Rubio said, “the more you should get back.”
Not only that, their proposal is a “pro-growth and pro-family tax plan,” Lee said, since it institutes a $2,500 child tax credit.
The business side of the Lee–Rubio plan is the best business income tax reform plan that has been proposed in Congress in recent memory. The individual side is a modest step in the right direction, but leaves much room for improvement. The business tax reforms are so positive that, taken as a whole, the plan would dramatically improve the economy and the incomes of American families.
The Lee–Rubio plan would also increase interest in tax reform and show the way on business tax reform. It will help to make tax reform a reality when there is a President in office who wants to lead the effort.
What do you think of the Lee-Rubio tax plan?