Rubio all but announced his support for the legislation on twitter.
Washington tax writers say they have adjusted the sweeping legislation to improve the child tax credit, a demand of Sen. Their support all but ensures the package will pass the Senate. The House and Senate have already passed their own tax-cut bills, and Republican leaders from each chamber have spent the past week trying to iron out the differences between the two drafts - and fix some haste-induced, multibillion-dollar mistakes. Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we're all after.
Lawmakers will vote on the proposal next week, with all nine Republican members of the House and Senate who represent Nebraska and western Iowa expected to support it.
Portman cast the bill as providing "the kind of middle-class tax relief that's desperately needed right now".
People could continue to deduct medical expenses.
Democrats have blasted the tax plan, accusing it of showering corporations with lower taxes at the expense of driving up the debt and giving only temporary and uneven benefits to the middle class. The original Senate bill made only $1,100 of the credit refundable. In recent days, he had said those concerns had not been allayed. "I realize this is a bet on our country's enterprising spirit, and that is a bet I am willing to make".
The increase in the child tax credit will be an important part of what produces tax savings for families.
In a tweet Friday, Rubio called it "a solid step" and suggested he would now vote for the bill.
The bill cuts the corporate tax rate from 35 percent to 21 percent, 1 percent less than the Senate and House proposals; and lowers the top individual income tax rate to 37 percent, which is less than the 38.5 percent in the Senate bill and the 39.6 percent in the House bill and current law. The bill would have also expanded access for the subsidy on one front - the legislation makes families that earn between $110,000 and $500,000 a year newly eligible for the tax credit - while contracting access on another: the bill would restrict eligibility to parents who have Social Security numbers, thereby cutting off a form of cash assistance to American children with undocumented guardians. Republicans are adamant that cutting corporate taxes will in turn increase investments and wages in the United States and lead to unprecedented economic growth - despite analyses that indicate otherwise.
"The rate are one thing, but the brackets - we want to know what income levels do these brackets apply", said Keith Fenstad, partner and director of financial planning at Tanglewood Wealth Management in Houston. Rubio's argument was that many low- and middle-income taxpayers pay very little in income tax, funding the federal government mostly through payroll taxes for Social Security and Medicare.
Though Rubio voted for an earlier version of the tax bill that narrowly passed through the Senate, his opposition could imperil reform that requires near full Republican support.