Contact News Staff Writer Noelle Coultrip at Noelle.Coultrip@colorado.edu.
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Marco Rubio’s economic policy focuses on reinventing America’s current economy in an effort to boost economic growth and create jobs for Americans. Rubio’s proposed platform has attracted both supporters and skeptics across both party lines, making today’s Republican presidential debate crucial in Rubio’s efforts.
Cut tax rate on corporations
Rubio plans to cut the tax rate on corporations down to 25 percent, the end goal being to spur economic growth and establish a tax rate that is competitive with other countries.
Simplify tax bracket
Rubio aims to downsize the current amount of tax brackets down to two categories — 15 percent for income up to $75,000 for singles and $150,000 for joint filers, and 35 percent for any income greater than that. The simplification of the tax bracket is intended to bridge the wide gap between underprivileged families and the middle and upper class, hopefully alleviating the disproportionate wealth gap between the two categories. Supporters of Rubio’s plan claim that the drastic cut in taxes will help the economy grow and stimulate the job market.
Others believe that Rubio’s plans are completely impractical, that his tax plan will raise the deficit and that his tax bracket is oversimplified, among other criticisms. These criticisms raise the stakes for his execution in Wednesday’s debate.
Shift in higher education
Rubio’s stance on higher education involves simplifying the higher education tax system and establishing income-based repayment as the main way for people to repay federal student loans. By changing how costs of education is paid for and how those costs are determined, Rubio’s goal is to make higher education and jobs that require higher education more accessible to the average person.
Dramatically decrease small business regulations
Rubio wants to do away with regulations that could inhibit small businesses from thriving and make sure that businesses are much more involved in the regulation process. He supports repealing the Dodd-Frank act, which imposed strict regulations on the financial industry after the recession of 2008.
Repeal of Obamacare
Rubio is not a fan of Obamacare, and intends to focus on a healthcare program that is not a government-provided option. In the past, he has voted for spending cuts of up to $4.3 trillion to balance the budget; he supports spending cuts everywhere except defense.
Abolishment of marriage tax
Currently, married couples must pay higher taxes than if they are identified as single individuals. Rubio’s plan is to do away with this “marriage tax,” which his attempt at leveling the amount of taxes that people who are single pay versus people who are married.
Opposes net neutrality
Marco Rubio does not agree with the FCC’s Net Neutrality work under Obama, and has expressed plans to pursue different policy regarding the Internet. He advocates for less government involvement in the regulation of the Internet, and argues that ISPs creating “fast lanes” for certain companies is not a problem worth focusing on.