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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsCruz tax plan would slash U.S. revenue, favor wealthy: analysis
Source: Reuters
Tue Feb 16, 2016 3:37pm EST
Cruz tax plan would slash U.S. revenue, favor wealthy: analysis
WASHINGTON
tax plan proposed by Republican presidential candidate Ted Cruz would cut federal revenues by $8.6 trillion over 10 years, adding substantially to the debt, according to an analysis published on Tuesday by a nonpartisan research center.
Cruz's plan, unveiled in November, would create a flat 10 percent individual income tax that with other changes would mainly benefit high-income households, the study by the Washington-based Tax Policy Center found. (tpc.io/1ToCN7M)
Other changes include repealing the corporate income tax, as well as payroll taxes for Social Security and Medicare, and estate and gift taxes; increasing the standard deduction and eliminating most other deductions except for mortgage interest and charity; and adding a broad-based 16 percent value-added consumption tax.
"The plan would cut taxes at most income levels, although the highest-income households would benefit the most and the poor the least," the Tax Policy Center said.
The value-added tax proposed by Cruz, a Senator from Texas who won the Iowa caucuses among Republicans last month, would replace only 70 percent of the costs of the tax cuts, according to the center.
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Cruz tax plan would slash U.S. revenue, favor wealthy: analysis
WASHINGTON
tax plan proposed by Republican presidential candidate Ted Cruz would cut federal revenues by $8.6 trillion over 10 years, adding substantially to the debt, according to an analysis published on Tuesday by a nonpartisan research center.
Cruz's plan, unveiled in November, would create a flat 10 percent individual income tax that with other changes would mainly benefit high-income households, the study by the Washington-based Tax Policy Center found. (tpc.io/1ToCN7M)
Other changes include repealing the corporate income tax, as well as payroll taxes for Social Security and Medicare, and estate and gift taxes; increasing the standard deduction and eliminating most other deductions except for mortgage interest and charity; and adding a broad-based 16 percent value-added consumption tax.
"The plan would cut taxes at most income levels, although the highest-income households would benefit the most and the poor the least," the Tax Policy Center said.
The value-added tax proposed by Cruz, a Senator from Texas who won the Iowa caucuses among Republicans last month, would replace only 70 percent of the costs of the tax cuts, according to the center.
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Read more: http://www.reuters.com/article/us-usa-election-cruz-taxplan-idUSKCN0VP2K7
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Cruz tax plan would slash U.S. revenue, favor wealthy: analysis (Original Post)
Eugene
Feb 2016
OP
You've got to be kidding! Even the 'anti-establishment' republicans? Trump, too?
pampango
Feb 2016
#4
The Velveteen Ocelot
(115,836 posts)1. Quelle surprise.
valerief
(53,235 posts)2. When are they going to disqualify this assface? nt
gratuitous
(82,849 posts)3. Will anyone ask Sen. Cruz about this?
"Senator, your tax plan was analyzed by the Tax Policy Center, which said that your proposal would add $8.6 trillion to the national debt by 2025. Why should anyone take you seriously when you have such a reckless proposal on the table?"
We can tax the wealthy some more; they've had it pretty good for quite a while. Isn't it time they chipped in a little more to support the system that's made them so comfortable instead of asking the rest of us to continue to go without decent school buildings, well-maintained roads, and drinkable water?
pampango
(24,692 posts)4. You've got to be kidding! Even the 'anti-establishment' republicans? Trump, too?
What is the world coming to!
ladjf
(17,320 posts)5. ... which is exactly what Cruz intended. nt