Sens. Marco Rubio and Mike Lee released a new proposal Tuesday for what they called a “pro-family and pro-growth” tax reform plan that would revamp taxes for both individual and corporate taxpayers.
They called for a system with two brackets that would increase the child tax credit and try to reform the way the tax code applies to married couples, as well as reform the corporate code to try to avoid double-taxing income companies earn abroad.
“Perhaps no function of the U.S. government is more antiquated and dysfunctional than its tax system, so we are joining together to propose a federal tax-reform plan that will remove obstacles to investment, innovation, growth and opportunity,” Mr. Lee, Utah Republican, and Mr. Rubio, Florida Republican, wrote in an op-ed for the Wall Street Journal.
They proposed a 15 percent tax bracket and a 35 percent bracket, and called for trimming or ending many deductions, “especially those that disproportionately benefit the privileged few at everyone else’s expense.”
The senators stressed that a Republican majority should make tax reform a top priority in the Senate after the midterm elections.
“If Republicans win the Senate this fall, passing pro-family, pro-growth tax reform should be a cornerstone of our agenda next year,” Mr. Lee and Mr. Rubio wrote. “The plan we have outlined won’t only help revive the American dream, but also make it more attainable for more Americans than ever before.”