Ted Cruz Ping! If you want on/off this ping list, please let me know.
Please beware, this is a high-volume ping list!
CRUZ or LOSE!
Posted on 05/15/2015 6:57:51 PM PDT by 2ndDivisionVet
ATHENS, Ga. — Presidential candidate Ted Cruz said Friday that he will release in the coming weeks details of his promised "simple, flat tax" to replace existing graduated income tax rates.
But the Texas senator told the Associated Press that he's still not decided on key details, such as whether a flat tax would also replace payroll taxes and taxes on investment income....
(Excerpt) Read more at wokv.com ...
Doesn’t matter. It could be the best thing ever and the MSM is going to destroy it.
Ted is my guy, but I do wish he’d switch to the Fair Tax. I fear, by the time the Congress got through fiddling with it, the Flat Tax will end up not much better than the mess we have now.
Why is “soon” in scare quotes? Is the headline writer just being cynical, hoping we’ll be cynical about Ted Cruz as well?
10% pure, 100% flat tax for everyone.
No deductions, credits, or loopholes.
Everyone from a homeless bum to Bill Gates pays the same rate.
Senator Cruz is a co-sponsor of the FairTax legislation.
It will be interesting to see if he incorporates the FairTax provisions in his plan.
MSM’s favorite ploy, demand detailed plans then pile on. Wish Cruz would tell them to pound sand, that he’ll provide a detailed tax plan when he’s President. I mean what could they do about it?
FairTax and real Immigration reform would be a powerful combination to reclaim control of our country.
Ted Cruz Ping! Yes, two great issues, indeed!
FAIR TAX!
Repeal the 16th Amendment! Otherwise the graduated income tax will be back.
Personal income tax
1. An initial earned income (wages and pensions) exemption of:
$15,000 for single
$30,000 for married/registered domestic couple
$22,500 for legal single head of household
$10,000 for each legal dependent in household
In short, a family of two adults and two children will have its first $50,000 of initial earned income exempted from the income tax.
2. All income above the exemption amounts will be taxed at a flat rate of 18.75 percent.
3. Eliminate the alternate minimum tax, estate tax, FICA tax for Social Security, gift tax and marriage penalty tax.
4. Bank account interest, capital gains and stock dividends are not longer subject to taxation (e.g., they are not counted towards the inital earned income computation).
Business income tax
1. Income taxed at a flat rate somewhere around 11 to 13 percent.
2. Plant equipment can be depreciated within one year of purchase.
The result of such a flat tax would save Americans something like 75 percent of the current US$1 TRILLION in per year compliance and economic opportunity costs the current system imposes on the general economy. And it would effectively bring back to the USA something like $15 TRILLION in American-owned liquid assets now sitting in non-US financial institutions for tax avoidance reasons, meaning a gigantic liquidity boost that would immediately kick start the US economy. And it also means saving Medicare and Social Security, since people can now create their own private nest eggs for retirement and medical costs without that nest egg being subject to taxation, so future generations will have far less dependence on Social Security and Medicare.
So what are we waiting for?
You say: “ Ted is my guy, but I do wish he’d switch to the Fair Tax. I fear, by the time the Congress got through fiddling with it, the Flat Tax will end up not much better than the mess we have now.”
EXACTLY!
We have to get through to Cruz - and school him re FAIR TAX. Fair tax eliminates gov’t fingers/control.
FREEP this to Cruz!
the difference between FAIR TAX and Flat Tax
https://www.youtube.com/watch?v=4vVTERaF67Q
https://www.youtube.com/watch?feature=player_embedded&list=UUklV9zN4UYcV3DcF5BBak3g&v=QRpWir4eDrs
Contact TED!
Keep posting these links in FR threads!
WE have the best chance THIS ELECTION - with the IRS scandals and natural gut-dislike of the IRS - of getting rid of the IrS - and their power - the GOVERNMENT POWER over our lives. FAIR TAX is FREEDOM.
Save these links and post and email over and over....
“Wish Cruz would tell them to pound sand, that he’ll provide a detailed tax plan when he’s President”
Well, he did say, “in the coming weeks”. That’s not at all specific, so maybe he means in the far off coming weeks!
Hey RayChuang88,
Not wanting to derail this thread so reply on FReepmail if so desired... I would like to know if your outline above is revenue neutral (first year), how ss benefits will be paid, and why business income tax is in the outline?
Thanks-
I would suggest that Cruz keep it vague.
For starters there is NO WAY to reform taxes in a revenue-neutral way without angering lots of people. And if he’s talking a massive tax cut, then he’ll get chopped up that too.
Flat taxes sound good to most people, and it is certainly nice to only spend 15 minutes or so filling them out...but the details become yucky - especially when one considers that a family making $100k these days with a couple of kids pays next to nothing in federal income taxes, after accounting for the deductions and credits that are available - a flat tax would do little to benefit them and more likely cost them money (if revenue-neutral).
We are waiting for a way to make congress exempt
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