If I were king for a day, this tax bill would have looked different. I thought we probably went too far on [helping] corporations.
The GOP bill will add $1.4 billion to the deficit over the next 10 years. Republicans have been publicly claiming, however, that this loss in guaranteed revenue will be more than accounted for by economic growth brought about by lower tax rates for large corporations. Rubio has now joined the bandwagon of economists who look at history and see that this has almost never worked:
By and large, you’re going to see a lot of these multinationals buy back shares to drive up the price. Some of them will be forced, because they’re sitting on historic levels of cash, to pay out dividends to shareholders. That isn’t going to create dramatic economic growth.
Despite his own admittance that the bill will probably not do what the GOP has gambled $1.4 trillion on, Rubio is confidant American voters will ignore these economic implications and vote Republican in 2018 because of the small tax break the bill provides to middle-class families:
(People’s) opinion today is based on what they’ve read and what they’ve been told it does. But if I’m against the tax bill because I don’t think it’ll actually cut my taxes and I get my first paycheck in February and it has $200 in there that didn’t used to be there, I’m going to notice that.
At the time of its passing, 55% of Americans opposed the tax bill, but maybe Marco Rubio is right! Perhaps for $200 many of those citizens will ignore our government putting huge sums of money into the pockets of big business while doing very little for the economy. We'll find out in 2018!