Sen. Marco Rubio unveiled his economic plan in Detroit Thursday while on a fundraising trip.
The GOP presidential candidate chose Detroit for its symbolism of the American Dream given that the city has filed for bankruptcy and is now rebuilding itself.
Continue Reading Below
Rubio said that if elected his first economic priority will be changing the tax code to make it "pro-growth" and "pro-family."
He explained his economic plan through two fictitious characters: David, a small business owner, and Danielle, a single mother.
1. Overhauling the Tax Code
The first part of his tax plan is to reduce the corporate tax rate to 25%, along with the average tax rate of other developed nations. To encourage investment in new technology, Rubio's plan will allow 100% expensing of each dollar invested in a company or small business, including new equipment.
2. Friendly Taxes for Families
For parents, Rubio wants to increase the tax credit from $1,000 each to $2,500. He also plans to eliminate the penalty for filing taxes jointly after one gets married.
3. Limit Regulations
Rubio wants to cut back on regulations, which he believes are hurting small business growth. He plans to institute a National Regulatory Budget limiting the cost that each agency's rules can put into effect.
4. Expand Free Trade
Rubio spoke of his support for the Trans-Pacific Partnership and the Trans-Atlantic Trade and Investment Partnerships while calling for expanded trade opportunities to alleviate costs for small businesses.