This idea of taxing total receipts which is what Cruz is talking about it not new. As a small business owner I had to deal with it for years from DeKalb County where my office was located. I just lied about my total receipts for years or it would have killed me financially to pay the tax every year.
The business part of Cruz’s tax plan is terrible. I’m not surprised as Cruz has never run a business in his life. Trump understands what its like. His tax plan is far superior.
I would like to understand.
Can you explain or point to a creditable source to help me do so?
A flat rate 16% is terrible?
Granted, an NRST would be preferrable, but getting rid of the convoluted crap we have now would be an improvement.
The corporate income tax – the source of endless waste and fraud in our tax system – will be eliminated. No longer will American businesses face the highest top tax rate, 35 percent, in the developed world. The trend of American companies and jobs moving off-shore will stop. Instead, all companies will pay a simple, low rate Business Flat Tax of 16 percent. The tax will be based on revenues minus expenses such as equipment, computers, and other business investments.
Also eliminates the payroll tax...