“If I were king for a day, this tax bill would have looked different,” he said. “I thought we probably went too far on [helping] corporations.”
The senator believes the bill ― which is projected to add $1.4 trillion to the deficit over the next decade unless it can offset those losses via economic growth ― probably won’t result in multinational corporations investing their sudden windfall in hiring and expanding.
Instead, it’s more likely to line the pockets of their shareholders.
“By and large, you’re going to see a lot of these multinationals buy back shares to drive up the price,” Rubio predicted. “Some of them will be forced, because they’re sitting on historic levels of cash, to pay out dividends to shareholders.
“That isn’t going to create dramatic economic growth.”
Despite the fact that public opposition to the bill was widespread, with 35 percent of Americans in favor and 55 percent of Americans opposed, Rubio said he doesn’t think it will hurt Republicans in the 2018 elections.
″(People’s) opinion today is based on what they’ve read and what they’ve been told it does,” he said. “But if I’m against the tax bill because I don’t think it’ll actually cut my taxes and I get my first paycheck in February and it has $200 in there that didn’t used to be there, I’m going to notice that.”
Marco Rubio and Donald Trump
Marco Rubio and Donald Trump
U.S. President Donald Trump (C) is greeted by Senator Marco Rubio (R-FL) after arriving to receive a briefing on Hurricane Irma relief efforts at Southwest Florida International Airport in Fort Myers, Florida, U.S. September 14, 2017. REUTERS/Jonathan Ernst
U.S. President Donald Trump speaks between first lady Melania Trump and Vice President Mike Pence (L) and Senator Marco Rubio (R-FL) (2ndL) while receiving a briefing on Hurricane Irma relief efforts in Fort Myers, Florida, U.S., September 14, 2017. REUTERS/Jonathan Ernst
Republican U.S. presidential candidates Donald Trump (R) and Marco Rubio talk at each other during a debate sponsored by CNN at the University of Miami in Miami, Florida, March 10, 2016. REUTERS/Carlo Allegri
A CNN employee holds a microphone towards Republican U.S. presidential candidates Marco Rubio (L) and Donald Trump (R) as they talk during a commercial break in a debate sponsored by CNN at the University of Miami in Miami, Florida, March 10, 2016. REUTERS/Carlo Allegri
Republican U.S. presidential candidate Marco Rubio (L) and rival candidate Donald Trump compete at the U.S. Republican presidential candidates debate in Detroit, Michigan, March 3, 2016. REUTERS/Rebecca Cook
Republican U.S. presidential candidate Marco Rubio (L) laughs at rival Donald Trump (R) during the debate sponsored by CNN for the 2016 Republican U.S. presidential candidates in Houston, Texas, February 25, 2016. REUTERS/Mike Stone
Republican U.S. presidential candidate Senator Marco Rubio (L) shakes hands with rival candidate businessman Donald Trump at the conclusion of the Fox Business Network Republican presidential candidates debate in North Charleston, South Carolina, January 14, 2016. REUTERS/Chris Keane
Republican U.S. presidential candidate U.S. Senator Marco Rubio (L) speaks as businessman Donald Trump (R) listens at the 2016 U.S. Republican presidential candidates debate held by CNBC in Boulder, Colorado, October 28, 2015. REUTERS/Rick Wilking
MIAMI, FL - JUNE 16: U.S. Sen. Marco Rubio (R-FL) walks with U.S. President Donald Trump after he announced policy changes he is making toward Cuba at the Manuel Artime Theater in the Little Havana neighborhood on June 16, 2017 in Miami, Florida. The President will re-institute some of the restrictions on travel to Cuba and U.S. business dealings with entities tied to the Cuban military and intelligence services. (Photo by Joe Raedle/Getty Images)
From left, Republican presidential candidates, Sen. Marco Rubio, Donald Trump, Sen. Ted Cruz, stand for the national anthem prior to the GOP presidential primary debate at the University of Miami's Bank United Center in Coral Gables, Fla., on Thursday, March 10, 2016. (Pedro Portal/El Nuevo Herald/TNS via Getty Images)