Sen. Marco Rubio, R-Fla., believes the recently passed Republican tax plan “probably went too far” with helping big companies.
“If I were king for a day, this tax bill would have looked different,” Rubio told southwest Florida’s News-Press in an interview published Friday. “I thought we probably went too far on [helping] corporations. By and large, 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 economic growth.”
Rubio supported the tax bill, which passed the House and Senate last week and was signed by President Trump just before Christmas.
The bill lowers the corporate tax rate from 35 percent to 21 percent, and Republicans, including President Trump, argued doing so would help to boost wages and create jobs.
After the tax plan was sent to Trump’s desk, companies such as AT&T, Wells Fargo, and Fifth Third Bancorp announced additional benefits for their employees, including $1,000 one-time bonuses and an increase in their minimum wages to $15 an hour.
Despite Rubio’s skepticism about whether the tax plan would lead to economic growth, he said the bill is a vast improvement from the current system.
“There’s a lot of things in the bill that I have supported for a long time, [such as] doubling the child tax credit, and it is better — significantly better — than the current code,” he said.
Polls have indicated few Americans support the Republican tax bill, but Rubio said he believes their opinions will change once the taxpayers realize they’re taking home more money.
“Opinion today is based on what they’ve read and what they’ve been told it does. But if I’m against the tax bill because I don’t think it’ll actually cut my taxes and I get my first paycheck in February and it has $200 in there that didn’t used to be there, I’m going to notice that,” the Florida senator said. “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.”