IT'S MISSING THE MINUMUM BASIC INCOME:

In March, Rubio and fellow senator Mike Lee (R-UT) proposed a significant, though incomplete, tax reform plan. Their introduction to the plan highlights the need to address income inequality and what Clinton called "the middle-class squeeze" back in 1992. [...]

Their tax plan is, at its core, a consumption tax. It would exempt investment income from tax and eliminate most tax preferences. It would allow firms to fully deduct their capital investments in the year they are made, and prohibit them from deducting interest costs on those investments.

Such a plan has real merit but it requires some mechanism, such as a refundable tax credit, to make sure it does not become extremely regressive. It is not clear that Rubio-Lee does that.

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