Posted on 02/17/2016 4:38:24 AM PST by raybbr
Republican presidential candidate Ted Cruz's plan to impose a flat 10 percent tax on all personal income and greatly lower the corporate tax rate would cost the federal government at least $8.6 trillion over a decade, according to a new analysis.
The plan would be the second most expensive tax proposal in the GOP presidential field, with only businessman Donald Trump offering a proposal that would add more in government debt over the next 10 years, according to data released Tuesday by the nonpartisan Urban Brookings Tax Policy Center. Trump's plan would cost the government $9.5 trillion in lost revenue.
Republican presidential candidates have been quick to campaign on promises to cut taxes, but because most have yet to detail how they would slash spending to offset this lost revenue, analysts have projected their proposals would be deficit busters.
Cruz's plan also falls short of fulfilling the Texas senator's promise that his flat tax system would be so simple that taxpayers would file their returns on a postcard.
Cruz would eliminate nearly every tax deduction except those for charitable contributions and mortgage interest and would increase the standard deduction to make doing your taxes easier. He would also eliminate all credits except the earned income tax credit for low-income workers and the child tax credit.
The streamlined system is the simplest plan released by any presidential candidate, but analysts said Cruz's proposals would still require most people to fill out more than a postcard.
(Excerpt) Read more at courant.com ...
Thx, I was preparing to go after that same phrase.
My failure to win Powerball has cost me over $20 billion.
And Maria Bartiromo says Cruz is her favorite plan of the candidates.
I still say that every year after a census, we should do a zero baseline budget exercise. Then we post the results so everyone can see exactly how much each government agency is spending and on what. Watch government expenditures plummet every tenth year.
Yup! And post pictures and name names, as well.
How much of what govt owes is from W. Bush’s Iraq misadventure? We spent maybe a billion dollars to train 5 Syrian rebels - the only ones Obama’s CIA could find who would probably maybe not go jihadi in the near future.
It makes a difference who does the “analysis”.
This is B.S.
If we changed Tax day to the first Tuesday in November, or election day to April 15th, I don’t think the worry would be what it “cost the Government” anymore.
What I like about Cruz's plan is that it defangs the satanic IRS and anything that does that is good in my book.
Absolutely on the mark. Not only institute his tax plan, but across the board cuts to every agency besides defense and Veteran affairs.
Eliminate various departments and bureaucracies such as the Dept. of Education, IRS and LMNOP.
Reform entitlement programs. Deadline age 55 and up will remain intact, anyone 55 and below will see a phased in program to include H-savings accts., SS plans that could include options for individual control of how to invest YOUR $$$ for retirement and dramatically increase penalties for those who commit fraud to collect benefits.
Also, if a persons net worth hits a certain plain...they either have reduced draw from these entitlements or cut altogether. Find and kick out anyone who draws benefits that are not U.S. citizens.
Same camp, FRiend. Not only ensures ALL pay, but the tax is then VOLUNTARY. Win-Win-Win.
“only another amendment can change the rate. Make taxing income illegal in the same amendment.”
IMO, the 2nd part of your statement is already so (5th, 13th)...but I digress.
I’d propose requiring a 3/4th’s vote instead of Amendment. I can see setting the starting point absurdly high, thus making reduction(s) that much more difficult.
Lastly, it would also be required to be printed on each/every receipt; not hidden like a VAT/etc. Oh, and only on the INITIAL/final point of sale (no 2x/3x+ dipping).
Though I concur, the solution rests in that which is already exists:
Reduce govt to the constraints set forth by the Constitution.
THEN balance and cut/raise as needed.
IMO, per the 13th alone, there should be NO deficit from year to year. In as much as a prior Congress cannot compel any future Congress, no progeny should be beholden to the spending habits of their prior lineage.
Starve this beast.
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