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Ted Cruz's 'crazy' tax plan would cost US at least $16tn, thinktank says
Source: The Guardian
Ted Cruz's 'crazy' tax plan would cost US at least $16tn, thinktank says
Dominic Rushe
Thursday 12 November 2015 21.10 GMT
Firebrand senator Ted Cruz’s tax plans are “crazy” and would cost the US at least $16.2tn, according to an analysis by thinktank Citizens for Tax Justice (CTJ).
The Republican presidential candidate who has made a name for himself attacking government spending set out specific tax plans earlier this week that he claimed would cost $1tn.
He also announced plans to shut down the Internal Revenue Service (IRS) and replace the taxman with a 10% flat-rate income tax, that he said would reduce personal income taxes by 60%.
Such a plan would cost $12.8tn over a decade, according to CTJ. Cruz would also eliminate corporate income tax, at a 10-year cost of $4.7tn, and repeal the estate tax, at a cost of $300bn, the left-leaning thinktank calculates.
Cruz’s other major proposal is to repeal payroll taxes for social security and Medicare (at a cost of $13.1tn) and replace those taxes with a value-added tax, or national sales tax, that would raise $14.7tn.
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Dominic Rushe
Thursday 12 November 2015 21.10 GMT
Firebrand senator Ted Cruz’s tax plans are “crazy” and would cost the US at least $16.2tn, according to an analysis by thinktank Citizens for Tax Justice (CTJ).
The Republican presidential candidate who has made a name for himself attacking government spending set out specific tax plans earlier this week that he claimed would cost $1tn.
He also announced plans to shut down the Internal Revenue Service (IRS) and replace the taxman with a 10% flat-rate income tax, that he said would reduce personal income taxes by 60%.
Such a plan would cost $12.8tn over a decade, according to CTJ. Cruz would also eliminate corporate income tax, at a 10-year cost of $4.7tn, and repeal the estate tax, at a cost of $300bn, the left-leaning thinktank calculates.
Cruz’s other major proposal is to repeal payroll taxes for social security and Medicare (at a cost of $13.1tn) and replace those taxes with a value-added tax, or national sales tax, that would raise $14.7tn.
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Read more: http://www.theguardian.com/us-news/2015/nov/12/ted-cruz-crazy-tax-plan-thinktank-analysis
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