A new analysis shows that GOP Presidential hopeful Marco Rubio’s tax plan would add nearly $7 trillion to the nation’s debt.
According to Politico:
“Republican presidential candidate Marco Rubio’s tax reform plan would add at least $6.8 trillion to the deficit, according to a new analysis, with the wealthiest reaping the biggest gains.
Though Rubio has touted his proposal as middle-class friendly, and he skimps on the cuts in marginal tax rates long favored by Republicans, the Tax Policy Center said today that his plan would nevertheless favor the rich thanks to his proposed cuts in capital gains and dividend taxes.
The very top .1 percent of earners, with incomes of at least $3.7 million, would see an average tax cut of more than $900,000. That would amount to a 13.6 percent increase in their after-tax income, the tax analysts said.
Those in the middle of the income distribution would see an average tax cut of $1,400 or 2.5 percent, while the poorest would see their taxes go down by $250, boosting their incomes by 1.9 percent, according to its analysis.”