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Rubio isn't bound to increasing corporate taxes to raise the child tax credit

Marco Rubio 3

@alextdaugherty

Sen. Marco Rubio said Thursday that he's open to alternative ways to pay for an increased child tax credit, after his amendment with Sen. Mike Lee to raise corporate taxes to pay for the expanded credit was opposed by President Donald Trump and a slew of conservative interest groups. 

"I'm trying to pass it, and I'm open to how we pay for it," Rubio said. "Cutting corporate taxes by 13 instead of 15 (percent) is one way to do it, but if there's a better way we're open to it. But ultimately, we're trying to allow working families, welders, plumbers, firefighters, members of the armed forces, to keep a little bit more of the money that they earn by working." 

Other senators like Maine Republican Sen. Susan Collins have also voiced support for an expanded child tax credit that is fully refundable for low-income families, though there are other ways to pay for it like reducing other tax deductions and raising the proposed corporate tax cut by one percent instead of two percent. 

Conservatives like Freedom Caucus chairman Rep. Mark Meadows, R-N.C., said that the current 20 percent corporate tax rate in the House and Senate tax plans is non-negotiable. 

"We continue to strongly support the unified framework and the 20 percent corporate tax rate that the White House has said they would oppose raising," a letter by Koch-backed Freedom Partners to Senators on Thursday said. "The proposed Rubio-Lee amendment would deviate from that framework by increasing the corporate tax rate beyond 20 percent, undermining the full economic benefits that families would otherwise see. We believe this is the wrong approach." 

The Senate is expected to vote on a slew of amendments, including Rubio and Lee's, late into the evening on Thursday before they vote on a tax overhaul. The Senate and House, which passed its tax bill before Thanksgiving, would then conference together to hammer out a final proposal that would go to Trump's desk if it passes Congress. 

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