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Rubio to outline economic policy in Detroit

Marco Rubio will give a speech today before the Detroit Economic Club. Here are excerpts as released by his campaign:

No city understands the vision and toil it took to build the American Century better than Detroit. No city understands the heights attainable through the American Dream better than Detroit. And no city understands the pain of losing that Dream – and the importance of restoring it – better than Detroit.

And that is why this city, the heart of the old economy, is the perfect place to discuss how we can embrace A New American Economy – one even grander and richer in opportunity than ever before.

Hillary Clinton believes the way to win the race for the future is to drive in reverse – to revert back to more regulations, higher taxes, and bigger government. I believe the way forward is to embrace the future and modernize our government. I believe if we once again make America the best place in the world to create jobs, and empower every American to fill those jobs, then our generation will embrace The New American Economy and lay the foundation for A New American Century.

Today, I'd like to describe how my agenda would play out in the lives of two hypothetical people from Detroit: a small business owner operating an auto servicing shop, and a young single mother who works at the shop's front desk. As we'll see, many of the challenges they face are the direct result of Washington's failures.

The challenges facing David and Danielle are common all across this country. While their names may be fiction, their stories are all too real. People like David and Danielle have no lobbyists in Washington. Both parties have let them down in the past. But history will judge us by what we do next.

If we continue to cling to an outdated tax code, a failing higher education system, and numerous policies that make it harder for businesses to grow and opportunities to flourish, then we will be the first generation in history to pass a weaker America on to our children. But if we embrace The New American Economy, we will put David and Danielle back in control of their own destinies, and within reach of their American Dreams.

As president, I will begin by fundamentally overhauling our tax code to make it pro-growth and pro-family, because currently it's neither. America will never be the global leader in business in this century if we continue to have the highest corporate tax rate in the developed world

My tax plan will begin by cutting the corporate rate to be competitive with the average of 25 percent for developed nations. It will cut the top tax rate for small businesses like David's to the same level. This would instantly save him around 15 percent. He can use that to increase Danielle's wage or modernize his equipment.

Next, my tax plan will help David adapt his business to the new economy. It will allow 100 percent expensing of every dollar he invests in his company, including what he spends on new equipment. This will lower his tax burden and encourage all business owners to invest in new 21st century technologies, which will keep our economy on the cutting edge of this century.

The non-partisan Tax Foundation found my plan would grow the economy by 15 percent, grow wages by 12.5 percent, and create almost 2.7 million full-time jobs. This helps everyone. A 12.5 percent increase in Danielle's wage would amount to almost $2,500 a year.

The pro-family side of my plan would help Danielle even more. Right now, she gets a $1,000 tax credit for each of her two kids. This doesn't come close to meeting the costs she faces as a parent, and it fails to recognize the investment she is making in America's future as a mom. My tax plan would raise the per-child credit to as much as $2,500, allowing Danielle to keep significantly more of what she earns.

I would also change the way she receives assistance. Instead of getting the Earned Income Tax Credit at the end of the year, Danielle would receive a wage enhancement credit to boost her paycheck. This will reward and encourage her hard work, and amount to about $500 more per year.

Danielle may also choose one day to get married, but the current tax code would punish her for making that decision by taxing her and her husband more as joint filers than as individuals. My plan removes this penalty. Nothing has the ability to improve her children's futures more than being raised in a loving two-parent home.

Henry Ford once said, "If I had asked people what they wanted, they would have said faster horses."

"Faster horses" is exactly the mindset in Washington today. Our government is led by people who would rather tweak the current status quo than revolutionize how we do things.

We live in the most exciting era in human history, but if we look to yesterday, we will lose tomorrow. If we elect a leader from yesterday, the best we can hope for are faster horses. But if we embrace The New American Economy, the accomplishments of our people will astonish the world, and our children and theirs will live in A New American Century.