Senator Marco Rubio is taking on the GOP's 2017 tax law by saying it's encouraging companies' rush to buy back stock, hurting the economy.

The Florida Republican, as chairman of the Senate Committee on Small Business and Entrepreneurship, released a plan Tuesday that would curb incentives for companies to use excess capital to buy back shares, a move that investors like because it can increase the stock price.

Buybacks should be taxed the same as dividends, and companies should be able to immediately write off the costs of more capital assets and research and development expenses, according to the plan.

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