Senators Marco Rubio (R-Fla.) and Mike Lee (R-UT) just unveiled a blueprint for tax reform that will grow our economy and help working middle-class families get their finances back on track. It's good news for Main Street — and for Wall Street.
Adam Jeffery | CNBC
Sen. Marco Rubio
The Rubio-Lee plan closely resembles the proposals we advanced in our 2014 book "Room to Grow," and to call the plan pro-growth is an understatement.
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They would cut the corporate and business tax rates to 25 percent from 35 percent, eliminate taxes on capital gains, dividends and interest, allow businesses to fully expense capital investments (replacing the multi-year system of "depreciation"), end the death tax, stop the counterproductive practice of double-taxing money repatriated from overseas, and lower the top personal rate to pre-Obama levels while simplifying our current 7-bracket system to just 2 brackets.
Rubio and Lee would repeal the Alternative Minimum Tax (AMT), and replace the standard deduction with a $4,000 credit for couples ($2,000 for singles). The vital mortgage interest and charitable contribution deductions would be kept in place. And the plan would create a new, $2,500-per-child credit to help correct current distortions in the tax code that penalize parents.
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Seventy-two percent of Americans say that, in general, the government's policies since the recession have "done little or nothing to help middle class people," according to a recent survey from the Pew Research Center.
The Lee-Rubio plan delivers much-needed tax relief and fairness to working families, letting them keep more of what they earn in order to meet their household priorities.
This provides a clear contrast with the anti-growth liberal approach, which is simply to raise taxes in order to create new government-spending programs that force Americans to accept Washington elitists' priorities (such as the Obama administration's recent attempt to tax middle-class college savings in order to subsidize commercial childcare).
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Meanwhile, Rubio and Lee's efforts to put U.S. businesses on a more level playing field with their foreign competitors will help them grow, innovate, and create middle-class jobs.
Again, this demonstrates a point of sharp disagreement with liberals who seek to raid American businesses in order to fund big-government programs that do little to actually help Americans regain their financial footing.
Growing our economy and making middle-class life achievable for more Americans are more than just worthy goals—they ought to be the focus of any domestic policy agenda. We're glad to see Senators Lee and Rubio leading the charge for pro-growth, pro-family reform in Washington.
Commentary by John Murray, the founder and chairman of the YG Network, the hub of the Conservative Reform Movement, which seeks to grow the American economy, expand the middle class, and create opportunity for all Americans. He was previously the deputy chief of staff and communications director for House Majority Leader Eric Cantor. Follow him on Twitter @jmurraydc.