[lewislynn]

flat rate of 10%, to be paid by everybody on everything — wages, profits, capital gains, dividends, rent, interest and all forms of individual income.

So renting will no longer be a business?

"Profits" along with all business income would be taxed 16% under his NEW BUSINESS TAX. Then if you are a business owner those same "profits" would be taxed 10% again for your individual tax.

The eliminated corporate income tax is paid for off the backs of small business owners. The NEW BUSINESS TAX coupled with the business owner's tax on individual (business) income for all businesses is a small business/jobs killer.

They claim a 12.2% increase in wages. You might ask, where did these geniuses come up with that percentage? It comes from the elimination of payroll deductions, half of which is paid by your employer. To say it's a "wage increase" is a clever lie since payroll taxes are part of your wage package to begin with. What they aren't addressing is what happens to the 6% employer half of your payroll tax. They include that in the sham "wage increase" but that is a battle yet to be fought.

You would still be able to itemize deductions...how do you do that on a post card and no IRS to police it?

This is a plan thrown together by tax and business illiterates using "flat" as bait for idiots...by idiots. It looks like it was written the night before the debate on cocktail napkins.

It would be a legislative nightmare and debated to death. Sadly there's nothing Cruz loves more than new (bipartisan) legislation and debating.

Before it's over the "simple flat tax" would legislatively resemble the present tax code or Obamacare.

[St_Thomas_Aquinas]

--- "Profits" along with all business income would be taxed 16% under his NEW BUSINESS TAX. Then if you are a business owner those same "profits" would be taxed 10% again for your individual tax.

The eliminated corporate income tax is paid for off the backs of small business owners. The NEW BUSINESS TAX coupled with the business owner's tax on individual (business) income for all businesses is a small business/jobs killer.---

Doesn't say if it applies to sole proprietorships.

Also, as you know, business owners don't pay taxes --their customers do. International market prices are the only cap on this. So the business tax would be passed along to consumers, effectively a 16% VAT.

OTOH, employees really pay both halves of SS, so you can add 15% to the wages of any employee.

So the net tax on individuals would be significantly lower. If you are a low-wage worker, the benefit from eliminating SS would give you an effective tax rate of 0-,-5%, while paying a VAT of 16% on goods and services.

That's my quick analysis. Where did I go wrong? 8-)