Rubio Calls Out GOP Over Plan to Cut Top Individual Tax Rate
(Bloomberg) -- Republican Senator Marco Rubio of Florida criticized his party for considering a cut in the top individual tax rate to 37 percent as part of its tax-overhaul plan -- while setting the proposed corporate rate slightly higher than planned to cover the revenue loss.
Although both the House and Senate have approved measures cutting the corporate rate to 20 percent from 35 percent, a flurry of negotiations Tuesday centered on setting the rate at 21 percent -- while trimming the top individual rate. The situation remained fluid Tuesday night.
Rubio, along with Republican Senator Mike Lee of Utah, had proposed expanding the child tax credit earlier this month. They said Congress could pay for that change by setting the corporate tax rate at 20.94 percent rather than 20 percent. The amendment was defeated by a vote of 71 to 29 a couple of hours before Republicans approved their version of the tax bill on Dec. 2.
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