December 15, 2017

Rubio a 'yes' on GOP tax bill

Marco Rubio 3

via AP 

The 24-hour saga of Sen. Marco Rubio's tax vote is over.

Republican Sen. Marco Rubio will vote for his party's $1.5 trillion tax bill. That gives a major boost to the prospects that GOP leaders will be able to push their prized measure through Congress next week.

The Florida lawmaker had said he'd oppose the legislation unless his colleagues made the per child tax credit more generous for low-income families.

On Friday, Republicans said the final legislation would do just that. Lawmakers said the bill would now let low-earners using the credit get up to $1,400 in IRS refunds if they owe little or no taxes. That's up from $1,100 in the earlier version.

Rubio tweeted that the change is "a solid step toward broader reforms which are both Pro-Growth and Pro-Worker."

Rubio spokeswoman Olivia Perez-Cubas said that meant he'd vote yes.

 

Rubio gets concessions on child tax credit

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via @learyreports

Washington tax writers say they have adjusted the sweeping legislation to improve the child tax credit, a demand of Sen. Marco Rubio.

Details have yet to emerge and Rubio's office says he will review the details.

The tax package would double the per-child tax credit from $1,000 to $2,000. The bill originally made a portion of the credit — $1,100 — available to families even if they owe no income tax. Noem says that amount has been increased to $1,400. Rubio said he wanted the $1,100 figure increased, but he did not say by how much.

Low-income taxpayers would receive the money in the form of a tax refund, which is why it's called a "refundable" tax credit.

Background here.

– The Associated Press contributed to this report.

Democratic Senator calls out Republicans, including Carlos Curbelo, for supporting tax bill with Arctic drilling

Carlos Curbelo 3 (1)

@alextdaugherty 

Last week, a group of 12 House Republicans, including Miami Republican Rep. Carlos Curbelo, signed a letter encouraging Republican leadership to pass a tax overhaul without a provision that would allow oil drilling in parts of the Arctic National Wildlife Refuge. 

But the provision was included in the Senate's tax bill, and is likely to stay when House and Senate negotiators finalize the bill on Friday. 

On Thursday, the top-ranking Democrat on the Senate Energy Committee called out the 12 Republicans for engaging in "pure posturing." 

"It is now clear that the letter from twelve House Republicans opposing drilling in the Arctic National Wildlife Refuge was pure posturing," Washington Sen. Maria Cantwell said. "If these Republicans want to stop their party from turning the refuge into an oilfield, they should vote no. Lip service won't protect the Arctic." 

Six of the 12 Republicans who signed the letter, including Curbelo, voted in favor of the initial tax bill before Thanksgiving.

Curbelo hasn't indicated that he will vote against the tax bill even though he opposes expanding oil drilling in Alaska's North Slope. He is also the co-founder of the bipartisan Climate Solutions Caucus, a group of Democratic and Republican lawmakers who are concerned about the impacts of climate change. 

"I don’t think there’s any one provision that would motivate me to deny tax relief for all of my constituents," Curbelo said this week.

Curbelo has been a vocal advocate for the tax overhaul, frequently appearing with Speaker Paul Ryan and touting the bill in Spanish. 

December 14, 2017

Rubio to vote against GOP tax bill if child credit isn't expanded for low-income families

Marco Rubio 3

 

@alextdaugherty

Florida Sen. Marco Rubio told Senate Republican Leadership on Thursday that he intends to vote against the massive tax bill barreling through Congress if the child tax credit isn’t expanded, a potential major blow in President Donald Trump’s desire to pass a tax overhaul by Christmas.

If the bill isn’t changed and Rubio votes against the plan, there would be no room for additional Republican dissension as the GOP only holds 52 of 100 Senate seats. Tennessee Sen. Bob Corker already announced that he would vote against the plan due to concerns on the federal deficit, leaving Republicans with only 51 votes.

Vice President Mike Pence would break a tie if the GOP has 50 votes.

Rubio and Sen. Mike Lee, R-Utah, proposed a change to make the child tax credit fully refundable as a way to help low-income families, but that plan was opposed by Sen. Majority Leader Mitch McConnell and GOP leadership and the measure failed.

Despite the failure of their proposed changed, Rubio and Lee voted for the initial tax bill that passed the Senate two weeks ago with 51 votes.

Rubio has made it clear he wants an expanded child tax credit for months, and President Donald Trump hinted at an expansion on Wednesday saying, “You'll hear the numbers very soon but they're even larger than anticipated.”

The child tax credit reduces some families' tax bill for every child they have under the age of 17.

Rubio has repeatedly said he would vote against a tax plan that does not sufficiently benefit the middle class, though he has previously stopped short of threatening to vote against the final plan due to the child tax credit until now.

Read more here.

December 13, 2017

Trump hints at an expanded child tax credit, an idea championed by Marco Rubio

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@alextdaugherty

President Donald Trump may have just handed Sen. Marco Rubio a long-awaited gift: an expanded child tax credit. 

During a White House speech on Wednesday, Trump referenced the child tax credit and said, "You'll hear the numbers very soon but they're even larger than anticipated." 

Trump's remarks came a day after GOP leaders proposed a higher corporate tax rate to pay for lower taxes on couples that make $1 million or more less than two weeks after they rebuffed Rubio's idea to raise corporate taxes to pay for an expanded child tax credit.

Rubio wasn't happy.

Rubio has been pushing for an expanded child tax credit for months, and the Florida Republican wanted to pay for it by imposing a small increase in corporate taxes. He said in in October that expanding the child tax credit to $2,000 from the current cap of $1,000 was a major priority and that he would vote against a tax bill that didn't help middle class families. 

“I’m not going to vote for an increase on the middle class,” Rubio said. “But we’re not going to get to that point. We’re not that crazy around here.”

But Rubio and Utah Sen. Mike Lee haven't publicly threatened to vote against the tax overhaul bill to create leverage for their demands. The Senate voted down their expanded child tax credit proposal two weeks ago, but Rubio and Lee voted for the bill.

The child tax credit reduces some families' tax bill for every child they have under the age of 17. 

 

Republicans are barreling towards a final vote on a tax overhaul that slashes personal and corporate taxes. They aim to vote on the final package before Christmas and they have added urgency to act fast after Democrat Doug Jones defeated Republican Roy Moore in an Alabama special election on Tuesday. Once Jones is seated, Republicans will only control 51 of 100 seats in the upper chamber. Tennessee Republican Sen. Bob Corker said he won't vote for the plan, leaving Senate Republicans with almost no room for dissent within the ranks. 

"We want to give you, the American people, a giant tax cut for Christmas," Trump said on Tuesday.  

December 12, 2017

Puerto Rican officials lobby Congress against ‘devastating’ GOP tax measure

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@KyraGurney

Puerto Rico is still drowning from Hurricane Maria but it’s already facing its next crisis — a U.S. tax reform bill that island officials fear will devastate the economy.

Puerto Rico Gov. Ricardo Rosselló and Lt. Gov. Luis Rivera Marín will make a final plea on Wednesday to Republican officials, asking them to exempt the U.S. territory from a 20 percent excise tax on goods that American companies import from their overseas subsidiaries.

The measure in the GOP tax bill is designed to stop American companies from avoiding taxes by shifting profits overseas. But it would also apply to Puerto Rico because the island is treated as both a foreign and domestic entity under the U.S. tax code.

It’s a hit that Puerto Rico’s elected officials say the island’s economy cannot take.

“If the U.S. Congress ignores our situation and gives us this mortal blow to our economy, the immediate and direct effect will be Puerto Ricans boarding airplanes,” Rivera Marín told the Miami Herald.

Puerto Rico already was struggling through a deep recession before hurricanes Irma and Maria hit in September. The island’s unemployment rate hovered around 10 percent and the country was $72 billion in debt. Since the storms, thousands of Puerto Ricans have lost their jobs as businesses remain without power and unable to reopen.

Rivera Marín warned that the tax could wipe out the island’s manufacturing sector and a third of the government’s tax revenue, sending thousands more families fleeing to Florida and New York.

Read more here. Photo by @dsantiagophoto

December 06, 2017

Liberal research institute urges GOP leadership to include Rubio amendment in tax bill

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@alextdaugherty

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.

December 04, 2017

Progressive group targets Carlos Curbelo over tax bill

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@alextdaugherty

Miami Republican Rep. Carlos Curbelo is a champion of the tax overhaul plan that passed the Senate over the weekend, frequently appearing with House Speaker Paul Ryan and touting the bill in Spanish. 

But as the House and Senate confer on a compromise tax bill to send to President Donald Trump's desk, Curbelo is being targeted by a progressive group that's hitting vulnerable GOP incumbents who supported the tax plan. 

Not One Penny is blasting the tax bill and pressuring Curbelo as part of a seven-figure nationwide ad buy, the first time that the progressive group has launched a widespread campaign against incumbent Republicans. Curbelo represents the most Democratic-leaning congressional district in the country currently held by a Republican who is up for reelection in 2018.

The 30-second spot claims that the Curbelo-supported tax bill will raise taxes on 36 million middle class families. 

"Representative Curbelo continues to blindly support tax legislation that is nothing more than a giveaway to millionaires, billionaires, and wealthy corporations," said Not One Penny spokesman Tim Hogan. "Republicans are looting the middle class in order to line the pocket of the wealthy and well-connected. As the focus once again turns to the House, Representative Curbelo should stand up for his constituents instead of his wealthy donors and vote against this harmful legislation."

 

December 01, 2017

Rubio fails in push to increase child tax credit with higher corporate taxes

Marco Rubio 3

@alextdaugherty

Sen. Marco Rubio has been pushing an expanded child tax credit for weeks, but an effort to make the credit fully refundable by slightly raising a proposed cut on corporate taxes failed late Friday night on the Senate floor. 

Rubio and Utah Sen. Mike Lee's amendment to raise corporate taxes by .94 percent to 20.94 percent went down on a 29-71 vote on Friday after Democrats decided not to support an amendment that would have made the bill slightly more palatable to them. 

Rubio and Lee could have held up the tax bill by insisting on the amendment's passage in exchange for their support, but chose not to. Both senators are expected to vote in favor of the final bill. Tennessee Sen. Bob Corker has said he will vote against the bill because it does not do enough to help the deficit, but every other Republican Senator has indicated that they will likely support the bill. Three Republican no votes combined with united Democratic opposition would stop the bill. 

"Today, the Senate missed an opportunity to help working families by strengthening the Child and Dependent Care Tax Credit," said First Five Years Fund executive director Kris Perry. "Millions of American households rely on this credit each year, and a bipartisan group of lawmakers worked hard to extend it to more low-income families who would benefit most from receiving it." 

The Senate is expected to vote on their tax bill Saturday, just hours after the text of the bill was revealed. The House and Senate will then attempt to work out their differences in conference before sending a final bill to President Donald Trump's desk, if it passes Congress. 

November 30, 2017

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.