Rubio-Lee tax plan rewards investors, parents, businesses but likely adds billions to deficit

Lifestyle and Budget Associated Press

With an eye toward a possible run for the White House, Republican Sen. Marco Rubio is signing onto an ambitious plan to cut taxes for investors, parents and businesses in an effort to spur economic growth and create jobs.

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The plan would likely add billions to the national debt, though no official assessment has been done.

The Florida senator joined with Republican Sen. Mike Lee of Utah to unveil the package Wednesday.

The package would simplify tax filing for most families, reducing the number of income tax brackets from seven to two. It would eliminate investment taxes on capital gains and dividends, while boosting the child tax credit.

Rubio said pairing the package with changes to Social Security and Medicare would boost the U.S. economy and improve the government's finances.