Tuesday, April 12, 2016

Ted’s Flat Tax Could Pave Path to Victory

Senator Ted Cruz’s victory in Tuesday’s Wisconsin primary cements him as the clear, conservative alternative to Donald J. Trump. The Texas Republican trumped the New York real-estate mogul, 48 percent to 35. This landslide confirms Cruz, not Governor John Kasich (R., Ohio), as the life boat for GOP voters who wisely worry that the high-decibel tycoon’s juggernaut would sink beneath the waves next November — to the applause of women, Hispanics, immigrants, the disabled, and millions of others whom he has frosted.
Cruz now should crank up the volume on campaign 2016’s best idea: a 10 percent flat tax that is perfectly timed as smart policy and smart politics.
Cruz’s Simple Flat Tax Plan would:
  • Collapse today’s seven personal-income-tax rates into one: 10 percent. 
  •  Offer taxpayers a $10,000 standard deduction and a $4,000 personal exemption. 
  •  Keep the Child Tax Credit and expand the Earned Income Tax Credit. 
  •  Exclude from tax the first $36,000 in income for a family of four. 
  •  Dump thousands of tax loopholes, but save the charitable deduction and home-mortgage write-off up to $500,000 in principle value. 
  •  Replace today’s corporate tax. As the Wall Street Journal crisply explains: “Businesses would deduct capital purchases immediately and pay a 16 percent rate without deducting wages.” 
  • Allow corporations to deploy domestically some $2.4 trillion in profits dormant overseas after paying a one-time, 10 percent repatriation tax. 
  •  Create Universal Savings Accounts for up to $25,000 in tax-deferred, annual, heritable deposits. 
  • Bury the Payroll Tax, Alternative Minimum Tax, Obamacare taxes, and the Death Tax. 
Read the rest of this National Review op-ed HERE.

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