Republican presidential contender Marco Rubio’s proposal to reform taxes is ‘divorced from any sense of fiscal reality,’ according to Harry Stein, Director of Fiscal Policy at the Center for American Progress Action Fund. Rubio has proposed just two tax brackets for individual filers, and has also proposed cutting the corporate tax rate to 25%. ‘It’s not at all clear that he even intends to pay for his rate reduction so I wouldn’t say his plan is corporate tax reform, so much as just a giant corporate tax cut,’ said Stein. According to the non-partisan Tax Foundation, Rubio’s plan would result in a $4 trillion hit to federal revenues in the first ten years, but would provide a boost to economic growth in the longer term.
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