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Sen. Ted Cruz thinks tax reform can help the average American.
Tax reform is all about “the promise to remodel our antiquated, bureaucratic, ineffective tax system with the objective of creating more jobs, higher wages, more opportunity, with the objective of making it easier for a factory worker to pay for his son’s education,” Cruz said at a Capitol Hill event on tax reform Wednesday, adding:
Mom - Mortgage - Bill - Family - Vacation
Making it easier for a single mom to pay her monthly mortgage bill. Making it easier for a family who is struggling to go on a vacation and share memories instead of working day and night for the tax man.
The Texas Republican laid out seven specific ideas for tax reform.
A low, flat rate.
Cruz said he thinks the current tax system, which includes seven tax brackets, should be simplified “to one simple flat tax.”
Campaign - Country - Tax - IRS - Objective
“In the presidential campaign, I campaigned across the country on a simple flat tax where we abolish the IRS. That remains the objective I would like to see,” the Texas Republican said.
“For individuals and families, listen, the best utilized tax dollar is the dollar that stays in your pocket, the dollar that stays with the family that’s struggling, the dollar that you could use to pay for your kid’s education,” Cruz said.
Ability - Taxes - Postcard
The ability to file taxes on a postcard.
The tax code should be simplified to the point that Americans will be able to fill out their taxes and file on a postcard, Cruz proposed.
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“Every year, more than 90 percent of taxpayers seek help preparing their tax returns,” Cruz said. “For individuals and families, that costs roughly $99 billion dollars a year. In 2016, Americans spent 9 billion hours on their taxes. Nine billion hours is a lot of time.”
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Cruz said he thinks full and immediate expensing, which “would let businesses immediately deduct expenses...
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