Rubio-Lee Tax Reform Plan:

Luddly Neddite

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Marco Rubio Will Kill Your Puppy

Rubio has updated his tax plan, the old version of which gave a big tax cut to the rich, so it now gives an absolutely gargantuan tax cut to the rich. The new Rubio is hobnobbing with members of the Koch family and other billionaires...

  • Lee-Rubio creates a new $2,500 Child Tax Credit to complement the current child credit. TF says the new credit “cuts taxes for most taxpayers.” But it would exclude many working-poor families. The new credit is refundable only up to the sum of total income and payroll taxes after applying all other credits, such as the Earned Income Tax Credit (EITC) and existing Child Tax Credit. After these credits, most low-income working families will have no net federal income and payroll tax liability and consequently won’t qualify for the new CTC. In other words, its design excludes most low-income working families.
  • Lee-Rubio also replaces the standard deduction and personal exemption with a new tax credit (and eliminates the head of household filing status). TF states that this credit would be “fully refundable,” though the Lee-Rubio document itself doesn’t say one way or the other. Let’s assume it is; if so, the new credit would benefit many low-income families. Yet a substantial number of other low-income families would lose from this change, because the new credit would replace other current provisions that are worth more for them. To return to the example family we used in our previous post, a mother with two children working full-time at the minimum wage would lose $25 in 2018 from this change. Some low-income workers would lose substantially more than this amount, while other low-income workers could get a significant boost from this change, assuming the credit is indeed fully refundable.
  • More important, Lee-Rubio would let a key provision of the current Child Tax Credit expire after 2017, causing millions of low-income working families to lose all or part of their credit.
So Rubio’s plan will give some working-class taxpayers puppies. But others will get no puppy. And many will have their existing puppy sent away to go live on a farm, where it will have plenty of space to run and play.

Marco Rubio Will Kill Your Puppy -- NYMag

More at the link.



Rubio's plan takes from the poor and gives to the rich.

IOW, he's a Republican. Not good for America or Americans.

:eusa_naughty:
 
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Missouri_Mike

Missouri_Mike

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Yeah and going to throw your grandma off a cliff and all the other bullshit you idiots spew when your chant of tax the rich falls flat.

Let's look at this portion of your post...

  • Lee-Rubio creates a new $2,500 Child Tax Credit to complement the current child credit. TF says the new credit “cuts taxes for most taxpayers.” But it would exclude many working-poor families. The new credit is refundable only up to the sum of total income and payroll taxes after applying all other credits, such as the Earned Income Tax Credit (EITC) and existing Child Tax Credit. After these credits, most low-income working families will have no net federal income and payroll tax liability and consequently won’t qualify for the new CTC. In other words, its design excludes most low-income working families.
Why would anyone deserve more tax credits than they paid in? It says in your post their federal tax liability to the government would become zero. No taxes owed. How is that hurting the poor when they don't owe anything?
 
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Missouri_Mike

Missouri_Mike

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Nobody wants to talk about policy in the politics forum?
 

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