Rubio, however, defended the tax reform plan, not only for companies but for the middle class.
“Look, corporations create jobs,” Rubio said. “The impact this will have on working families will be the most significant that they’ve had in their entire lives.”
To help working families, Rubio said he intends to introduce an amendment that would double the child-care credit to $2,000—a tax change he has been working on since 2015. His aim is to not only double the credit, but also make it fully deductible.
However, later today, President Trump said he doesn't support the plan because Rubio wants the corporate tax rate to be 22 percent to finance the child-care credit.
“The child tax credit is a priority, Rubio said. “It’s not enough to just increase the credit, because the overwhelming majority of Americans don’t benefit because it isn’t fully refundable against the payroll tax. My amendment isn’t a welfare proposal, it just lets working families keep more. The more people who live in your home, the more you have to spend,” Rubio said.
“I’m working to come up with an amendment on the Senate floor that will pass,” the Florida lawmaker said.
Ideally, “the child credit needs to be fully refundable against every penny of payroll tax. We start at $2,500 but we want to get it done. At $2,000, we are doubling the current credit. Yesterday on the Senate floor, I outlined the impact the credit will have on a working-class family. An additional $2,000 or $1,800 a year will not solve every problem they may have, but the credit rewards work and will make a difference. Backpacks don’t last all year, kids outgrow shoes very fast, they eat more as they grow. Even if your kids are in public school, there are expenses.”
How has Rubio liked working with Ivanka Trump on the child tax credit?
“I campaigned on this in 2015 and after the election she expressed an interest in working on the issue of the child tax credit. This is one way we can help families. Paid leave and child-care credit are two other ways.” Rubio said. “She’s become a great ally and advocate.”
Helping working class families will only become more critical as economic changes create vulnerable pockets of the U.S. population. “We really need to take a step back and realize our economy is rapidly changing. People who are in the right careers are doing very well, but 75 percent of Americans in the manufacturing and service sector are struggling, and that will only continue because of technology and outsourcing.
If we don’t address these changes, it leaves us very vulnerable to ethnic nationalism and socialism, Rubio said. “Geopolitically, the post-WWII order is coming to an end. China has clearly accelerated their plan to replace us and we see [Russian President] Putin positioning himself to be a better ally than the U.S. Right now, both parties have boring 20th century answers that don’t address these problems,” said Rubio, sounding presidential again.
Will he run for president again in 2020? “I haven’t ruled it out,” Rubio told the crowd. “The presidential campaign was one of the best things I’ve ever done. Every day was a good day until the day everyone voted,” he joked. “I hope to be the best senator Florida has ever had for the next six years. I’ll decide after that.”
This article was revised from an earlier version to correct a quotation by Sen. Marco Rubio.