I can’t get the video. Did anyone talk about the fact that the business tax looks a lotIke a VAT?
I thought so, too. But, if you look at Cruz's website, it says the business tax is simply (revenue - expenses) * 16%.
I think he is proposing eliminations of all kinds of other tax preferences in the corporate income tax regulations. But, it's still an "income tax", where income=revenue-expenses.
There's no video. Here is the audio. Space out to 55m8s.
Did anyone talk about the fact that the business tax looks a lotIke a VAT?
16% on net revenue to a business, except on exports (imports will pay the tax). Sounds like a VAT.
Cruz's plan also allows immediate expensing of business investments.