Analysts: Cruz Tax Plan Would Cost Country $16 Trillion
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Citizens for Tax Justice says Ted Cruz’s plan to shut down the IRS and go to a flat tax would devastate the country financially and is “crazy.”
The Republican presidential candidate who has made a name for himself attacking government spending set out specific tax plans earlier this week that he claimed would cost $1tn.
He also announced plans to shut down the Internal Revenue Service (IRS) and replace the taxman with a 10% flat-rate income tax, that he said would reduce personal income taxes by 60%.
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Such a plan would cost $12.8tn over a decade, according to CTJ. Cruz would also eliminate corporate income tax, at a 10-year cost of $4.7tn, and repeal the estate tax, at a cost of $300bn, the left-leaning thinktank calculates.
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