Sen. Marco Rubio (R-Fla.) takes questions from reporters about the relief effort in Puerto Rico following Hurricane Maria, September 26, 2017 at the U.S. Capitol in Washington, D.C. (Photo: Drew Angerer/Getty Images)
The Florida senator also conceded that corporate tax cuts will not create “dramatic economic growth,” as his colleagues have claimed.
By Jake Johnson / 12.29.2017
Now that the GOP’s $1.5 trillion tax bill has passed both houses of Congress and been signed into law, Sen. Marco Rubio (R-Fla.)—whose vote helped ensure the legislation’s passage—conceded in an interview with the Florida-based outlet News-Press that his party’s deeply unpopular plan “probably” goes “too far” in rewarding some of America’s most profitable corporations.
“If I were king for a day, this tax bill would have looked different,” Rubio said, while insisting that the GOP plan is still “better” than the current tax code. “I thought we probably went too far on [helping] corporations. By and large, you’re going to see a lot of these multinationals buy back shares to drive up the price. Some of them will be forced, because they’re sitting on historic levels of cash, to pay out dividends to shareholders. That isn’t going to create dramatic economic growth.”
Rubio’s remarks sparked immediate outcry, largely because the fact that the GOP bill overwhelmingly favors big business was known to nearly everyone—including President Donald Trump’s closest advisers and corporate CEOs themselves—from the very beginning.
Woke Marco Rubio: Corporations – “sitting on historic levels of cash” – will just pay out dividends to shareholders. “That isn’t going to create dramatic economic growth.” YOU THINK? https://t.co/2mBj65NL2b
— Topher Spiro (@TopherSpiro) December 29, 2017
Profiles in Convenient Courage: The Marco Rubio Story. https://t.co/FFJNs4P9if
— Jared Yates Sexton (@JYSexton) December 29, 2017
As Common Dreams reported, Rubio briefly threatened to vote against the Republican plan earlier this month unless it included a larger expansion of the child tax credit, but quickly caved once he was granted a relatively minor concession.
The bill—which reduces the corporate tax rate from 35 percent to 21 percent—ultimately flew through Congress earlier this month, and was signed into law by President Donald Trump last Friday.
Rubio’s concession that the GOP tax bill is a major gift to corporate America—an observation supported by countless analyses—comes just days after Trump exclaimed that “corporations are literally going wild” over the plan’s passage.
While dining at Mar-a-Lago later that night, Trump reportedly told a group of his wealthy friends, “You all just got a lot richer.”