ICYMI: Cruz in Wall Street Journal Op-Ed: A Simple Flat Tax for Economic Growth

TedCruz.org ^ | 10/28/15 | Ted Cruz

[Isara]

A 10% income tax and a 16% business tax would put an end to the Eight Lean Years of Obama.

HOUSTON, Texas – Presidential candidate Ted Cruz today penned an op-ed for The Wall Street Journal detailing his tax plan, centered around a Simple Flat Tax that along with pro-growth policies, repealing ObamaCare and Dodd-Frank, restraining spending and rolling back burdensome regulations will restore opportunity and create jobs in America.

Below is an excerpt and the full op-ed may be viewed here.

A Simple Flat Tax for Economic Growth
Wall Street Journal
Ted Cruz

American workers are the most creative and dynamic people in the world, if they aren't shackled by Washington. As President Reagan showed-and before him, President Kennedy in the 1960s (average annual growth of 5.3%) and Presidents Harding and Coolidge in the 1920s (4.7% growth)-tax reform is a powerful lever for spurring economic expansion. Along with reducing red tape on business and restoring sound money, it can make the U.S. economy boom again.

That's why I'm proposing the Simple Flat Tax as the cornerstone of my economic agenda.

In constructing my plan, I had several requirements. The plan should: spur robust economic growth and job creation, while raising after-tax income for all Americans; be dramatically simpler, to allow working people to file their taxes with a postcard or phone app; and shrink Washington by getting rid of the rat's nest of complex tax requirements, credits and loopholes.

With these goals in mind, based on a structure suggested by President Reagan's tax adviser, Arthur Laffer, my Simple Flat Tax plan features the following:

• For a family of four, no taxes whatsoever (income or payroll) on the first $36,000 of income.
• Above that level, a 10% flat tax on all individual income from wages and investment.
• No death tax, alternative minimum tax or ObamaCare taxes.
• Elimination of the payroll tax and the corporate income tax, to be replaced by a 16% Business Flat Tax. This would tax companies' gross receipts from sales of goods and services, less purchases from other businesses, including capital investment. Simple, efficient, fair.
• A Universal Savings Account, which would allow every American to save up to $25,000 annually on a tax-deferred basis for any purpose.

Today, the U.S. taxes American producers that export goods, but it imposes no burden on imports. My business tax is border-adjusted, so exports are free of tax and imports pay the same business-flat-tax rate as U.S.-produced goods. By shifting to a territorial tax system that doesn't tax income earned overseas twice, my plan will reverse the incentive for U.S. companies to relocate overseas. Instead, businesses will be relocating to America.

###

[Isara]

[Isara]

Ted Cruz's Tax Plan: The Simple Flat Tax

[stars & stripes forever]

CNBC Poll Cruz at 8% scroll down till you see it

http://www.cnbc.com/2015/10/28/gop-presidential-candidates-square-off-in-cnbc-debate.html

[Sacajaweau]

Notice earned income and child tax credit on the form.

And that's only the first page of the Tax form.

[Sacajaweau]

Cruz says 16% business. Trump said 15%....months ago. I don’t think cruz has a handle on economics.

[Jane Long]

Cruz says 16% business. Trump said 15%....months ago.

---

BTTT.

[Isara]

Presidential Candidates Comparison (Cruz vs. Carson vs. Trump)

Please click on the pictures at the top of the columns for more details on the ratings of the candidates.

Budget, Spending & Debt
Civil Liberties
Education
Energy & Environment
Foreign Policy & Defense
Free Market
Health Care & Entitlements
Immigration
Moral Issues
Second Amendment
Taxes, Economy & Trade

More at Conservative Review: https://www.conservativereview.com/2016-presidential-candidates

Note: If you don't like the ratings for any reason, please contact Conservative Review's Editor-in-Chief, "The Great One," Mark Levin. But I have to warn you that you may get this response from him: "GET OFF THE PHONE, YOU BIG DOPE!"

[TigerClaws]

Watching the Frank Luntz focus group and about 1/4 of the group moved to Cruz supporters based on his performance.

Cruz smartly didn’t alienate Trump or his supporters. He’s there as a guy with experience who can channel the correctly placed anger against the RINO establishment.

[Jimmy Valentine]

Good idea but half of the equation. Spending has to be cut also and it’s going to hurt