A broad-based, 16 percent Business Transfer Tax or value-added tax. This tax is levied on all business profits, less capital investment. This would include the payroll of business, government, and non-profit institutions, as well as net imports. A business transfer tax is also often known as a subtraction-method value-added tax.
It really smacks small businesses.
That is miserable and wrong-headed. If that is true, Cruz has lost a lot of support from me.