U.S. Sen. Marco Rubio’s, R-Fla., proposal to expand child tax credits was included as part of a congressional deal on tax reform and the budget, which passed the U.S. Senate on a 51-49 vote on Thursday.
During the summer, Rubio paired up with U.S. Sen. Mike Lee, R-Utah, to highlight their proposal to expand child tax credits. Rubio and Lee have been pushing tax reform in recent years including adding more child tax credits.
Under their “Economic Growth and Family Fairness Tax Plan,” Rubio and Lee call for allowing an additional $2,500 tax credit to families with children while keeping the current $1,000 tax credit per child in place. “The expanded child tax credit would be refundable up to each taxpayer’s combined federal income and payroll tax liability, and would be counted only after all other tax credits are factored in,” Rubio’s office noted when they brought it out.
Rubio took to the Senate floor on Wednesday to go to bat for the proposal.
“We have to understand the family is the most important unit in all of society,” Rubio said in the speech. “It's the most important institution in society. It's the first government. It's the first school. It's the core institution that underlies everything else we do as a nation. There is no more important job that any of us will ever do than the job of a parent. And if you think about our tax code, it says if you invest money in a piece of equipment or a business, the tax code will help you with that, but if you invest it in a future American taxpayer, if you invest it in someone who you are going to need to build the sort of economy and future we want for our nation, the tax code does not really take it into account. That makes no sense to me.”
Rubio weighed in on Thursday after his proposal was included in the passed budget.
“Today’s passage of the Rubio-Lee child tax credit amendment is another step toward meaningful tax relief for working American families,” said Rubio. “It has become increasingly expensive to raise children in the 21st century, and this bipartisan measure ensures that we are on track to invest in our families and future American taxpayers. Tax reform will not pass unless we significantly expand the child tax credit, and I’m glad to see that Congress took this important first step by showing unanimous support for the child tax credit in today’s budget resolution.”
