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Ted Cruz Ping! Rothschild had his mafia thugs kill the last president that tried that.
Close the ‘loophole’ that allows the regulatory agencies to bypass congress!
This election is literally Ted Cruz against the world.
The most corrupt evil centers of power on earth have their hands in America’s pockets now.
Cruz!
I can shoot all kinds of holes in the Flat Tax arguments.
But this is Ted Cruz, and I’ll take him along with his flat tax over anything else.
But ....
He will catch a whiff of HR 25 for sure.
In fact, has has already said he supports HR 25.
True. Customs collects duties. But other then that, all we need is a couple of guys in an office who send 50 bills out: Let the States collect their dues for keeping the FedGov operating, and send them in annually.
Other then that, no need for a giant bureaucracy.
That's what the Founders planned. They had it right.
I would prefer a national retail sales tax
(not necessarily the “fairtax” and it’s complicated “prebates”).
But a flat tax would just be an adjustment to the existing tax code,
and could be implemented by an act of congress, whereas
a national retail sales tax would require a constitutional amendment.
I do believe he would do that, and I don’t say that about any politician. The democrats will present this as stealing from the poor and giving to the rich. Hopefully Cruz team will come up with a simple one liner to get low info voters on board.
We need a complete rethink of national taxation to create a true, broad-based economic growth for the future. That will require first going to the flat tax plan Steve Forbes proposed in 1996, then put into place the structure to finally phase out the income tax within 3-4 years afterward (including repealing the 16th Amendment) and replacing it with something like FairTax (Cruz has expressed interest in FairTax recently).
Imagine US$900+ billion per year freed up for economic activities and not more taxes on the process of earning money. The result would be an economic boom on a scale that would far surpass the economic boom of the 1980's.
“In its purest form, a “flat tax” treats all taxpayers equally. Income is taxed at the same rate regardless of earnings or wealth, while allowing for no tax deductions or exemptions. But Cruz said his flat tax proposal might allow some deductions, possibly for popular write-offs like for charitable donations and mortgage interest charged on a primary residence, paid annually by homeowners.”
When you allow even one carve out, here come the special interest lobbyists. Better to bite the bullet and say no exceptions. That let’s you get the standard tax rate to the lowest possible level for everyone, while playing no favorites.
A vast fraction of regulatory "law" is by consent decree in Federal court. I don't see how Cruz is going to undo that without the kind of autocracy he despises.
From the article: “In its purest form, a ‘flat tax’ treats all taxpayers equally. Income is taxed at the same rate regardless of earnings or wealth, while allowing for no tax deductions or exemptions. But Cruz said his flat tax proposal might allow some deductions, possibly for popular write-offs like for charitable donations and mortgage interest charged on a primary residence, paid annually by homeowners.
“We will roll it out with precise details in the coming weeks or months,” he said. “There are trade-offs to be had and we’re right now internally having those debates, in terms of whether you have a couple of deductions or exemptions or not, at what rate the flat rate is set, what level of standard deductions and so those trade-offs we’re currently debating.”
And, therein lies the fundamental flaw with an income tax...the leviathan cannot avoid the urge to ‘tweak’ it, to address ‘inequities based on perception’, to make some folks more equal than others.
Rather we should be looking into consumption based taxation, ala the Fair Tax (without that silly ‘prebate’ notion, IMO). Couple that with a requirement for 75% approval in the Senate and House before changes can be made.
A great many folks decry the ‘double taxation’ associated to spending accrued retirement savings in this model. That can be addressed in a couple of different ways, IMO, and would be sunsetted at a date certain in the future.
Time to put the entire IRS out to pasture...
I have a CPA and aEnrolled Agent Gnome in my social circles, they have told me...
* Make the Flat Tax and alternative to the current system, side by side, it will be the only way it will pass and it will be adopted over-time ( from the E.A.)
* The CPA has changed their mind and is for a new system as they noted they will change their practice to help Small Businesses do the right things with their new Profits in this Cruzian world.
Bring on the change, it will be all good....
This election cycle just got more interesting.
BTTT
fl
Cruz had best get such changes off to a running start before becoming POTUSA.