Sen. Marco Rubio (R-FL) said Thursday that he believes the recently passed GOP tax bill did too much to help the bottom line of America’s largest corporations.
“I thought we probably went too far on [helping] corporations,” the Florida Republican told the Fort Myers-based News-Press.
“By and large, you’re going to see a lot of these multinationals buy back shares to drive up the price,” Rubio continued. “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.”
The bill passed by the Republican-controlled Congress and signed into law by President Donald Trump last week slashed the corporate tax rate from 35 to 21 percent. It also includes a number of provisions that benefit the country’s wealthiest residents rather than the middle-class Americans the GOP has insisted will benefit from the plan, including a cut to the top income tax rate and for pass-through businesses.
The bill will go into effect on Jan. 1, 2018.
Rubio told the News-Press he was unconcerned about polls showing that most Americans disapprove of the legislation, saying the media has unfairly influenced peoples’ opinions and that ultimate perception of the bill will be based on “what their paycheck is telling them.”