On Thursday’s episode of Adam Carolla’s podcast, Sen. Ted Cruz (R-TX), a candidate for the 2016 Republican presidential nomination, spoke about his flat tax proposal in an interview with Carolla.
Cruz laid out the tenets of the tax policy to Carolla, who said he was frustrated with the current tax code as it is constituted.
“The frustration you’re feeling is the frustration shared by millions of Americans,” Cruz said. “And I have laid out a simple flat tax. All the details, all the numbers are available on my website, which is tedcruz.org.”
“For the first $36,000 you earn, you pay nothing—zero income taxes, zero payroll taxes, nothing,” he continued. “Above $36,000, everybody pays a flat tax of 10 percent. And that is true across the board fair and uniformly. That means no longer are hedge fund billionaires paying a lower marginal rate than their secretaries. It is flat, it is fair and it applies to everyone.”
“On the business side, what we do is we abolish the corporate income tax, we abolish the death tax, we abolish the payroll tax, which is the single biggest tax working Americans pay. And we abolish the ObamaCare tax. And in their place, we adopt a simple 16 percent business flat tax. Now what that means is no longer do have giant corporations with armies of accountants paying little or no taxes while small businesses get hammered with oppressive corporate tax rates. Every business pays the same simple flat tax of 16 percent.”
Cruz went on to say his opposition is coming from what he deemed to be the “Washington cartel,” but said he believes he can take the message to the American people and eliminate any type of opposition he may face in the Congress to his proposal.
Follow Jeff Poor on Twitter @jeff_poor
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