Sen. Marco Rubio's effort to include an expanded and fully refundable child tax credit appeared to die when the Senate voted down the proposal on Friday night, but a liberal Washington-based research institute is urging the Florida Republican to revive his effort as the House and Senate hash out their differences on a final tax bill this week.
Rubio's proposal with Utah Sen. Mike Lee would raise a proposed cut to the corporate tax rate from 20 percent to 20.9 percent to pay for a child tax credit that reduces some families’ tax bill for every child they have under the age of 17.
"During the Senate debate, the Senate rejected the Rubio-Lee amendment, but now that the bill is in a conference committee with the House, the only route for Senators Rubio and Lee is to use the leverage of their votes to secure this change — as Senator (Ron) Johnson did to secure a larger tax cut for wealthy investors," wrote Chuck Marr, the director of federal tax policy for the Center on Budget and Policy Priorities. "Otherwise, Republicans will cement their choice to pass a $1.5 trillion tax bill without providing virtually any meaningful relief to the lowest-income working families."
Rubio and Lee have not given any indication that they will vote against a tax bill that doesn't include their amendment. Both Republicans voted for the Senate bill which passed with a 51-49 majority.
"Adopting the Rubio-Lee amendment wouldn’t fix either the Republican tax bill’s extreme tilt to the top or its fiscal profligacy, nor would it change the fact that key congressional Republicans are already saying they will seek to pay for their tax cuts next year by cutting programs that support low-income working families. But this modest change would allow millions of low- and moderate-income working families to fare somewhat better."
Hours after the Senate pass their version of a tax overhaul, President Donald Trump said he'd potentially be open to raising the corporate tax rate cut to 22 percent instead of 20 percent after multiple Republicans said a 20 percent corporate rate was the highest they could support. The current corporate tax rate is 35 percent.
"It could be 22 when it all comes out, but it could also be 20," Trump said. "We’ll see what ultimately comes out."
Rubio and Lee's amendment failed by a vote of 29 to 71, and the 29 votes included some Democrats like Florida Sen. Bill Nelson.
Read the entire post by Marr here.