By Andy Sullivan WASHINGTON (Reuters) - U.S. Senator Marco Rubio, a likely Republican presidential candidate in 2016, on Wednesday unveiled a plan to reduce taxes for multinational corporations and parents, but it would widen federal budget deficits without cuts to popular health and retirement programs. The Florida senator's tax plan, introduced with Utah Republican Senator Mike Lee, would close loopholes and simplify the U.S. tax code, introduce new deductions for parents. In an effort to spur economic growth, it would encourage businesses to spend on computers, tractors and other equipment rather than taking on debt. It would also eliminate taxes on dividends and capital gains, but limit the popular deduction for mortgage interest payments. Like other ambitious tax-reform efforts, the plan is not likely to become law this year but could be a significant part of Rubio's pitch to voters if he decides to run for president. "I hope these ideas are embraced by everybody running for president, because I think our party needs to be the pro-family, pro-growth party," he told a news conference. While congressional scorekeepers have not analyzed Rubio's plan, outside experts at the nonpartisan Tax Policy Center have found that a similar one outlined by Rubio and Lee last year would reduce the government's tax haul. Without additional spending cuts, it would widen budget deficits. Rubio said Washington would have to reduce spending on popular retirement and health programs to cut the deficit. "Our generation is going to have to accept that our Medicare and Social Security is going to be different from our parents," he said. The plan would lower the U.S. corporate tax rate from 35 percent to 25 percent, and allow businesses to write off capital expenses the year they are purchased, rather than stretching deductions over years or decades. It would remove incentives that encourage businesses to take on debt, as well as tax breaks for a range of interests, from wind power to paper mills, that are regularly extended by Congress. Multinational companies would no longer have to pay tax on income earned overseas that they want to return to their headquarters in the United States. The plan would simplify personal tax rates to two levels: 15 percent for joint filers who earn up to $150,000 and 35 percent for income above that level. Parents would get a bigger tax credit of up to $2,500 per child, up from the current $1,000 maximum. (Additional reporting by Susan Heavey)
Ex-official who investigated Hillary Clinton's emails said there would be evidence if Trump declassified documents: 'It can't just be an idea in his head'
"Programs and officials would have been notified," former DOJ official David Laufman said of Trump's claim he declassified all the Mar-a-Lago docs.
- In The Know by Yahoo
American woman dumbfounded by plate after ordering ‘chips and salsa’ in Italy: ‘I’ll never get over it’
A word to the wise: "Chips and salsa" doesn't mean the same thing everywhere.
- Chicago Tribune
R. Kelly’s former goddaughter breaks down at his federal trial, telling jury he filmed them having sex while she was a minor
For the first time after two decades of swirling allegations, R. Kelly’s former goddaughter has taken the stand as a prosecution witness in a case against the disgraced singer. Dressed in a white blazer with her hair in long braids, the woman, now 37 and testifying at Kelly’s federal trial in Chicago under the pseudonym “Jane,” told the jury she had sexual contact with Kelly for the first time ...
The right has used this phrase for others, but doesn't think it should apply to them.
- Business Insider
Former Trump aide Stephanie Grisham thinks there's nothing surprising on Mar-a-Lago surveillance tapes: 'I think what we would see is hardworking FBI agents doing their jobs'
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- The Daily Beast
Photo Illustration by Kelly Caminero / The Daily Beast / GettyAt the risk of awarding the title prematurely, we think we’ve found the weirdest study published in 2022. Scientists strapped GoPro cameras to the bodies of six dolphins trained by the U.S. Navy, and recorded them hunting for food and consuming their prey in grisly detail. According to the study, there was a purpose behind this potential invasion of dolphin privacy; namely, to learn more about how the mammals hunted and ate.Scientists
- The Daily Beast
Tennessee Department of CorrectionA woman who shared a kiss with a prisoner during a visitation in Tennessee has been charged with murder after the inmate died shortly after their exchange.Rachel Dollard was taken into custody over the weekend by special agents from the Tennessee Department of Correction (TDOC) and the Dickson County Sheriff’s Department, the TDOC confirmed in a statement on Tuesday. She is accused of smuggling drugs into the Turney Center Industrial Complex.Dollard is facing ch
- USA TODAY
Frederick Woods, now 70, was 24 when he and two other men kidnapped 26 school children and their bus driver in Northern California and buried them.
- In The Know by Yahoo
A woman is accusing an airline of "gender discrimination" after she says she was barred from entering from its business class lounge because of her outfit.
- The Guardian
Cheney releases recording of her call to Harriet Hageman, conceding her loss in the Wyoming US House primary on Tuesday
A San Jose fire captain is grappling with an unthinkable tragedy after all three of his children were killed in a car crash Sunday evening. The children's mother and ex-wife of the firefighter also died in the crash.
- AZCentral | The Arizona Republic
Mackenzie Dipman, a "Love Island" Season 2 fan favorite, returns to the villa in Episode 27. What to know about her and her relationship with Connor.
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- The Recount
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I'm a former college teacher. I wish parents would teach their kids these 3 life skills before they're done with high school.
The author taught in college for nine years and shares three things all parents should be teaching their kids before they head out to college.
The New York Times' Maggie Haberman speculates that Trump could have taken documents related to the Mueller probe
Trump had a habit of keeping documents if he thought "something was cool" or it was "personally advantageous," Haberman said on a podcast.
- ProFootball Talk on NBC Sports
When someone fully and completely embraces a public life, there really are no personal issues. That dynamic is becoming abundantly clear with Buccaneers quarterback Tom Brady. Brady, who has fully embraced and cultivated a platform that has resulted in the aggressive pursuit of multiple business interests, has had his football career plunge into mystery with [more]
Sarah Palin's former in-laws threw a massive campaign party for her opponent before election night, and now they'll both be on the midterm ballot
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DOJ officials were alarmed by surveillance footage of the Mar-a-Lago room where classified info was being stored, report says
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The Trump-backed Wyoming winner insisted on Fox News that Cheney left a "two-second message" that didn't concede the election, then hung up.