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Friday, December 29, 2017

Marco Rubio says GOP tax bill 'probably went too far' to help corporations

Posted By on Fri, Dec 29, 2017 at 2:23 PM

click to enlarge PHOTO BY GAGE SKIDMORE VIA FLICKR
U.S. Sen. Marco Rubio put his spinelessness on full display Friday after he admitted the GOP tax bill "probably went too far" on helping corporations.

Well, duh.



Multiple analysts said the $1.5 trillion tax overhaul would primarily benefit the wealthy and corporations. The Republican measure included the "largest one-time rate cut in U.S. history for the nation's largest companies," according to the Washington Post, that massively reduced the corporate tax rate from 35 percent to 21 percent. Republicans threw any fiscal sense they had down the toilet after conservative estimates predicted the bill would increase the deficit by $500 billion. If it wasn't obvious this was just one ginormous Christmas giveaway to the rich, President Donald Trump made it clear when bragged to his Mar-a-Lago buddies this week, "You all just got a lot richer."

Apparently Rubio missed all these warnings while he was trying to get a measly $300 increase per child for families earning $25,000 to $40,000 a year. In an interview with the News-Press, Rubio told the newspaper the GOP tax bill he voted for is not so great after all:
RUBIO: "If I were king for a day, this tax bill would have looked different. 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. (But) 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."

Wow, who would have guessed giving corporations billions in tax breaks would lead to rich people hoarding their wealth instead of reinvesting in their workers? Wealthy executives did – they were at least honest earlier this year when they all went mum after a White House official publicly asked corporate owners if they would invest in growth.

Guess the only one left out of the loop was you, Lil' Marco.

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