Taxes

“That isn’t going to create dramatic economic growth”

Written by SK Ashby

Now he tells us.

Although he voted for the GOP tax bill like a good lemming, Senator Marco Rubio (R-FL) has reservations about their legislation because, like the rest of us, we knows it's probably not going to be the cure-all that GOP leaders and Donald Trump tell us.

RUBIO: If I were king for a day, this tax bill would have looked different. 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. (But) there’s a lot of things in the bill that I have supported for a long time (such as) doubling the Child Tax Credit. And it is better – significantly better – than the current code.

If Rubio were king for a day, everything would be the same because Rubio is a chump.

With that out of the way, how exactly is this "significantly better" than the current code? Rubio admits corporations are "sitting on historic levels of cash," but they're not going to funnel that to their own employees in the form of higher wages, they're going to pay out dividends to shareholders. The vast majority of working Americans are not shareholders.

If this "isn’t going to create dramatic economic growth," as Rubio says, how is it "significantly better?"

Legislatively tying corporate tax breaks to higher wages or passing new taxes on idle wealth (historic levels of cash) would have been significantly better.