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Rubio Tax Cut Expands Business Deduction, Family Credits

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U.S. businesses, families and high-income households would see significant tax cuts under a plan outlined Wednesday by Marco Rubio, a Florida senator and potential 2016 Republican presidential candidate.

The proposal, offered with Senator Mike Lee of Utah, would reduce marginal tax rates, let businesses write off investments immediately and create a $2,500 tax credit for children. It would also eliminate taxes on capital gains and dividends for corporate shareholders.