The Ted Cruz Flat Tax Plan will work for America.
Cruz’s plan would abolish the IRS as we know it and end the use of the tax code as a political weapon, with a simple tax code that is “transparent and resistant to corruption.”
The personal income tax rate would be 10% after a $ 10,000 standard deduction and a $ 4,000 personal exemption. Deductions for charitable contributions and mortgage interest payments are preserved.
The Payroll Tax would be eliminated.
The Corporate Income Tax would be replaced by a 16% Business Flat Tax. The tax would be based on revenues minus expenses such as equipment, computers and other business investments.
Death Tax: Eliminated.
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Richard C. Young is the editor of Young's World Money Forecast, and a contributing editor to both Richardcyoung.com and Youngresearch.com.
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