In an interview with Larry Kudlow on CNBC, Sen. Marco Rubio (R-Fla.) reiterated that tax increases will not be a result of the debt ceiling negotiation:
“I think clearly many in the Democratic base have said that they want that on the table. Unfortunately for them, and I think fortunately for the country, I don't think there's going to be support for that in Washington, including among many Democrats.”
Sen. Rubio also explained that tax hikes will stunt economic growth. He believes that “soaking the rich” (which is really a tax hike on small business profits) is misguided, ineffective economic policy:
“Number one, there's no way you can tax your way to prosperity. Number two, our tax code is already a source of great uncertainty and worry and concern about the future. And number three, even if [President Obama] wanted to, which I do not, there's no tax they could raise that would accomplish the deficit reduction they're talking about…If you raise to 100 percent the taxes on every rich American under their definition of rich, which is people making over $250,000 or more a year, it still wouldn't make a dent on the debt.”
What do you think about Rubio’s tough stance on taxes? Does Washington D.C. have an overspending or undertaxing problem?