Republican presidential candidate Ted Cruz breaks down his flat tax plan.
With Republican presidential candidates unveiling their competing tax plans, Senator Ted Cruz (R-Texas), told FOX Business Network’s Trish Regan why he believes his tax plan for America stands out from the crowd.
“The simple flat tax that I’m rolling out, a 10% flat tax for everyone, would produce 4.9 million new jobs over the course of a decade, it would increase capital investment by 44% and critically every income decile would see double-digit increases in after tax income of 14% or greater.”
Sen. Cruz responded to criticism that tax plans such as his benefits the rich too much.
“I understand that liberals love to tear down the rich, but you know what, President Obama has been doing that for 6 and a half years,” Cruz said.
Sen. Cruz further explained the details of his plan.
“It’s growth and its fairness, so for a family of four the first $36,000 you earn you pay zero, you pay no income tax, you pay no payroll tax, you pay nothing and then above $36,000 everybody pays 10%, and it’s flat, it’s fair, it’s uniform.”
Sen. Cruz believes his tax plan “incentivizes people working and earning more, it’s why you see such incredible growth numbers.
He says a simpler tax such as his will lead to an end of the IRS.