I agree with simplifying the tax code and lowering rates.
I am not certain what to do with the statement on his website that taxes on profits earned abroad will be eliminated. This seems to me incentive to do business elsewhere, not an incentive to bring business home. Expect this to become an issue for debate/discussion. Ted’s team may have inadvertently left a door open they didn’t intend to, but then again maybe it’d completely intentional and the explanation is forthcoming.
Also modernizing EITC isn’t eliminating. EITC is backdoor welfare.
This is now the second proposal that touts a return so simple it can be filed on a postcard.
Finally, management is the issue with IRS targeting, not the tax code. The Lerner lesson highlights necessary reforms, but in the end the laws were not the problem, the people interpreting and enforcing them were the issue.
Good, better than most, but I still see room for improvement from all candidates on this issue.
This should be uncontroversial. Money earned overseas gets taxed overseas.Apple is a prime example of a company that earns billion$ overseas - and declines to bring that money to the US ( in the form of, say, payments of dividends to shareholders, or investment in US plant and equipment) for the simple reason that it would get hammered with taxes again here. At the very least, if paid out in dividends, corporate income earned overseas should be taxed only to the shareholder. That would put big bucks into the US economy from abroad.
Of course, the same logic would make sense for money earned within the US. Cruz proposes to allow US corporations to “expense†capital investments - that is, to write them off in the year they are paid for, making them simply deductible instantly rather than over a period of time. Radically simpler, radically pro-growth. Especially good for high-tech.