>>Linder Fair Tax<<
It sounded like the fair tax, only he said 16%. I haven’t looked at the Cruz site for his details.
I found this at Tax Foundation.org...
Cruz:
Establishes a flat rate of 10% on all ordinary income. Increases the standard deduction to $10,000 per filer.
Lowers the rate on capital gains and dividends income to 10%.
Replaces the corporate income tax with a 16% business transfer tax, which applies to all capital income and labor payments.
Eliminates the estate tax.
These different total tax rearrangements are all very interesting but totally unlikely to ever be passed. I have two much smaller items that I would like to see proposed as laws. 1) Allow every taxpayer a $10,000 deduction for bank and stock Interest (would encourage saving and investing in more stable companies and be good for retirement income). 2) Currently a deduction is allowed for being blind. I would expand that to anyone who is medically certified as being as disabled as a blind person (in the last few years of caring for my husband with Alzheimers, he was definitely more handicapped than a blind person. I could have used the money saved on such a Deduction to occasionally hire someone to stay with him while I went shopping or just got outside by myself for a while.). 3) Increase the “one time death benefit” of $255 established in 1957(?) to the current inflation calculated figure which is a little over $2,000. This would be just enough to cover a bare bones cremation or a burial in a small community. The amounts in all three ideas should be adjusted to inflation each year.