The Citizens for Tax Justice have done the calculations and—surprise, surprise—34 percent of the benefits of Marco Rubio’s tax-cut plan plan would go to the highest-earning one percent of Americans.
Overall, we found that:
- The poorest 20 percent of Americans would receive a tax cut averaging $2,168 a year (assuming full refundability of the standard credit).
- Middle-income Americans would receive an average tax cut of $2,859.
- The best-off one percent of taxpayers would enjoy an average tax cut of $223,783.
The other side of Rubio’s tax-cut plan is that it would serve to “starve the beast,” reducing federal tax revenues by almost $12 trillion over a decade.
As Jonathan Chait [ht: sm] observes,
Oh, one more thing: Among the Republican presidential candidates, Rubio is widely considered to be a moderate on fiscal issues. The clarity with which we can now examine Rubio’s plan, juxtaposed against recent events, provides a sense of the ongoing relationship between the Republican Party and economic reality. It remains deeply hostile.