American Economy is not growing since the Obama tenure. The stagnant policies have negatively impacted the job availability in the market. Millions of Americans have given up trying to find work and acquire skills to improve their well-being. America’s economic strength has been smothered by years of Obama’s broken promises, and stifling mandates and taxes, such as those under Obama care. Cruz has given a Simple Flat Tax abolishes the IRS and replaces the byzantine tax code with a simple, fair tax. The Simple Flat Tax is a critical first step to restoring the promise of growth and prosperity in America.
Following are the basic reforms under the Simple Flat Tax Plan:
- One basic tax rate will be implemented on everyone i.e. 10%. The current seven rates of personal income tax will collapse.
- If you have a family of four members, the first $36,000 will be tax-free. The Child Tax Credit will remain in place.
- Simple Flat Tax Plan expands and modernizes the Earned Income Tax Credit with greater anti-fraud and pro-marriage reforms.
- For businesses the simple tax rate of 16% will be levied. The corporate income tax will be eliminated.
- Under the Simple Flat Tax, the Internet remains free from taxes.
The aim of Flat Tax is to make sure that there are no hidden charges and the economy flourishes. As a result, the Simple Flat Tax will ensure that low- and middle-income Americans have greater opportunities not only through minimal taxes, but also through better, high-paying jobs that this system will generate.
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