What would you say to a presidential candidate whose tax plan was a gift to the super rich? I would say “no go, Marco.” Here is how Marco Rubio plans to make the one-percent more wealthy and add to the deficit.

Although it’s not a part of his tax plan, Rubio wants to raise the Defense Department’s budget to one-trillion dollars. His plan would also eliminate the $2,500 per child tax credit. Now, here’s the way he would give the wealthiest Americans a huge gift.

Taxes on dividends and capital gains would be eliminated; money earned in the stock market would not be taxed. He would greatly lower the corporate tax rate, but has no plan to balance this action and replace lost revenue. All income tax brackets would receive lower rates. And, finally he would repeal the estate tax which only applies to millionaires and above.

This debacle would cost the United States $6.8 trillion over a ten-year period. The wealthiest tax bracket would receive a $1.12 million dollar break each year, while the poorest Americans would save $232.

Rubio’s plan is no less than another ‘trickle-down’ economic plan. This theory, created by Ronald Reagan and labeled ‘supply-side economics’ has repeatedly been proven to be a failure. Giving the wealthy increased profits does not inspire them to create new and better paying jobs. When Reagan left office, the unemployment rate was 10.8 percent, and our nation experienced a three-trillion-dollar deficit. George W. Bush inherited a surplus from Bill Clinton. His policy of using Reagan’s economic method left the nation over one-half trillion dollars in debt. The unemployment rate in 2009 was nearly 10 percent.

Today the fact that the middle class is now less than 50 percent of the population is the direct result of plans such as Rubio’s.

Once again, Marco Rubio’s inexperience and inability or refusal to learn from history is on display.

To sum up Rubio’s plan if he were to become our nation’s president, he would continue to support the one-percent, and he would rush to war once again in the Middle East. He doesn’t care about you and me.

Op-Ed

By James Turnage

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Photo Courtesy of DonkeyHotey

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