Cruz Promises Tax Cuts For The Rich Will Create Economic Growth Not Seen In 30 Years

On Friday, he told CNBC’s Squawk Box, “My object is a minimum of 5 percent GDP growth.” And he would get there, he said, through his tax plan, which does away with most of the tax code to institute a 10 percent across the board rate on all income, and 16 percent on businesses. “The numbers we’re estimating are, if anything, underselling the GDP impact” of his plan, Cruz said.

Arthur Laffer, a former adviser to President Reagan, also joined the show and made bigger promises on behalf of Cruz’s plan. Pointing to the 7.1 percent annual GDP growth high point under Reagan, Laffer said, “You’ll get more than that” under Cruz’s plan. “Higher growth rates than 5 percent.”

...It’s unlikely tax cuts will unleash huge economic growth, however. Cruz’s plan would be a huge giveaway to corporations and the wealthy, with the richest 1 percent capturing half of all the benefits and just 7 percent going to the middle and lower class. It would also be costly, reducing government tax revenue by $8.6 trillion over a decade.

http://thinkprogress.org/economy/2016/04/15/3769835/cruz-5-percent-growth/

Zombie economics! It will not die!