A Pro-Growth, Pro-Family Tax Plan for the New American CenturyMarco supports pro-growth, pro-family tax reform, and opposes a massive European-style Value Added Tax (VAT) that some candidates for president have proposed. A VAT is a sneaky way to raise taxes and grow government while hiding the true cost from taxpayers. Ronald Reagan once said a VAT "gives a government a chance to blindfold the people and grow in stature and size." Marco agrees, and that's why, as president, he will fight any effort to impose a hidden VAT on the American economy.America's outdated tax code was designed by leaders of the past for the economy of the past. Unfortunately, the status quo is too complex, hurts families and job creators, and holds back our nation’s potential to compete around the globe. Marco believes that to meet the potential of the New American Economy, we need less government, not more. If we reform the tax code in the right way, and couple it with innovative policy solutions, we can grow our economy while encouraging work, saving, investment, and stronger families.Marco RubioMR_6f6b33be-bc80-11e5-9f3a-2d9117d502d3U.S. Senator from Florida and candidate for President of the United States.. our economy grows while encouraging work, saving, investment, and stronger families._6f6b353a-bc80-11e5-9f3a-2d9117d502d3To support pro-growth, pro-family tax reform_6f6b35ee-bc80-11e5-9f3a-2d9117d502d3Tax Code & RatesShrink the Tax Code and Cut Taxes_6f6b36a2-bc80-11e5-9f3a-2d9117d502d31Tax BracketsReduce the Number of Tax Brackets from Seven to Three:_6f6b374c-bc80-11e5-9f3a-2d9117d502d31.1Simplification & PrioritiesDramatically Simplify the Tax Code while Protecting Important Priorities_6f6b37f6-bc80-11e5-9f3a-2d9117d502d31.2Tax CutsCut taxes, letting taxpayers keep more of their own money instead of sending it to Washington._6f6b3896-bc80-11e5-9f3a-2d9117d502d31.2.1Deductions & ExtendersDramatically simplify the tax code by eliminating all itemized deductions and tax "extenders."_6f6b394a-bc80-11e5-9f3a-2d9117d502d31.2.2Charitable Contributions & Mortgage Interest[Make] the charitable contribution deduction and a reformed mortgage interest deduction would be available to all taxpayers._6f6b39f4-bc80-11e5-9f3a-2d9117d502d31.2.3Under Marco's tax reform plan, the charitable contribution deduction and a reformed mortgage interest deduction would be available to all taxpayers.Personal Tax CreditCreate a new $2,000 (individual) / $4,000 (married filing jointly) refundable personal tax credit in place of the standard deduction_6f6b3a9e-bc80-11e5-9f3a-2d9117d502d31.2.4Credit phases out beginning above $150,000 (individual) / $300,000 (married filing jointly) and would be unavailable to taxpayers with an annual income in excess of $200,000 (individual) / $400,000 (married filing jointly).Marriage Penalty & AMTEliminate the Marriage Penalty and the Alternative Minimum Tax (AMT)._6f6b3b8e-bc80-11e5-9f3a-2d9117d502d31.2.5Education IncentivesConsolidate the maze of higher education tax incentives into a single, $2,500 universal tax credit for the first four years of post-secondary education and costs related to eligible job skill training._6f6b3c42-bc80-11e5-9f3a-2d9117d502d31.2.6The credit phases out between 400 – 500 percent above the Federal Poverty Level (roughly $97,000 - $121,250 for a family of four).Health CareAddress the tax treatment of health care as part of a comprehensive effort to repeal and replace Obamacare with consumer-centered reforms._6f6b3d0a-bc80-11e5-9f3a-2d9117d502d31.2.7The plan repeals all 21 Obamacare taxes.FamiliesStrengthen American Families_6f6b3dc8-bc80-11e5-9f3a-2d9117d502d32Tax ReliefProvide Tax Relief to Middle-Class Parents and Families_6f6b3f62-bc80-11e5-9f3a-2d9117d502d32.1Middle-Class ParentsMiddle-Class FamiliesChild Tax CreditCreate a new, partially refundable Child Tax Credit of up to $2,500 per child._6f6b4020-bc80-11e5-9f3a-2d9117d502d32.1.1The new child tax credit is applicable to taxpayers' total income and payroll tax liability, to offset the parent tax penalty and help working parents.The credit phases out beginning above $150,000 (individual) / $300,000 (married filing jointly) and would be unavailable to taxpayers with an annual income in excess of $200,000 (individual) / $400,000 (married filing jointly). The new child credit is in addition to the current child credit.Work IncentiveProvides a meaningful incentive for work._6f6b40e8-bc80-11e5-9f3a-2d9117d502d32.1.1.1The new child credit is refundable against the payroll taxes that are the biggest tax burden on low-income families. It provides a meaningful incentive for work.Family LeaveProvide Tax Relief to Employers that Offer Paid Family Leave_6f6b41a6-bc80-11e5-9f3a-2d9117d502d32.2FamiliesEmployersBusinessesProvides a 25% non-refundable tax credit to any business offering between four and twelve weeks of paid family leave, limited to $4,000 per worker.Small BusinessesRejects big government proposals put forward by Democrats that hit small businesses with new mandates and workers with new tax increases.EmployeesAdaptable to all employee arrangements, including part-time work.Part-Time WorkersCaregiversApplies in a number of situations where workers have qualifying family or medical events, including: a newborn child in need of care; an elderly parent with declining health; a personal health crisis; or a spouse's military deployment.Business Tax RateCut the Tax Rate for All Businesses to 25%_6f6b4264-bc80-11e5-9f3a-2d9117d502d32.3IntegrationIntegrate all business income into a single tax rate no higher than 25%._6f6b4336-bc80-11e5-9f3a-2d9117d502d32.3.1ParityBring parity to the taxation of all businesses, big and small._6f6b43fe-bc80-11e5-9f3a-2d9117d502d32.3.2Capital ExpendituresAllow immediate expensing of capital expenditures (equipment, structures, inventories, and land), ending confusing depreciation schedules and leading to a massive increase in job-creating investment._6f6b44bc-bc80-11e5-9f3a-2d9117d502d32.3.3Territorial Tax SystemFor American companies and individuals doing business overseas, eliminate the double-taxation of income earned abroad by transitioning to a competitive territorial tax system._6f6b45a2-bc80-11e5-9f3a-2d9117d502d32.3.4RepatriationFor currently deferred overseas earnings, provide a 6% deemed repatriation rate, payable over ten years._6f6b4674-bc80-11e5-9f3a-2d9117d502d32.3.5Carve-OutsEliminate unfair carve-outs benefiting large corporations and high-tax states._6f6b4746-bc80-11e5-9f3a-2d9117d502d32.3.6Large CorporationsHigh-Tax StatesSaving & InvestmentIncentivize Saving and Investment_6f6b482c-bc80-11e5-9f3a-2d9117d502d33Double-TaxationTax all business income once at the entity level and eliminate punitive double-taxation of saving and investment income._6f6b48fe-bc80-11e5-9f3a-2d9117d502d33.1BusinessesSaversInvestorsTransitionProvide a transition period, which requires a one-time booking of investment at current law capital gains and dividend rates, minus the 3.8% investment tax hike from ObamaCare._6f6b49d0-bc80-11e5-9f3a-2d9117d502d33.2Estate TaxImmediately eliminate the federal estate tax ..._6f6b4ab6-bc80-11e5-9f3a-2d9117d502d33.3Family-Owned FarmsFamily-Owned Businessesa tax that penalizes family-owned farms and businesses and reduces saving and investment in our economy.Interest IncomeEnd the Taxation of Interest Income_6f6b4b92-bc80-11e5-9f3a-2d9117d502d33.4Tax BaseFully remove interest from the tax base._6f6b4c78-bc80-11e5-9f3a-2d9117d502d33.4.1Interest income is no longer taxable or deductible.Debt BiasEnd the bias in favor of debt rather than equity ..._6f6b4d68-bc80-11e5-9f3a-2d9117d502d33.4.2leading to a more stable financial system and healthier economy.2016-01-16https://marcorubio.com/issues-2/rubio-tax-plan/OwenAmburOwen.Ambur@verizon.net