Texas Senator Ted Cruz said the best lever for job growth and higher wages is to cut and simplify taxes. He laid out his tax plan on FOX Business Thursday.
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“A single flat tax that’s fair and uniform for everyone. It’s a big standard deduction and then everyone pays the same simple rate because I think there’s power in bold simplicity,” Cruz told Maria Bartiromo on Mornings with Maria.
In his opinion, streamlining individual tax returns onto a single postcard would save Congress time and money.
“I think going to the postcard has power just because… it’s small, it means Congress can’t go and stick a whole bunch of extra garbage on it. It means you have a lot more time in your life, a lot more money in your life to take care of your needs,” he said.
On Wednesday, Republican congressional leaders said they would roll out their plan for tax reform in the next few weeks. Meanwhile, President Trump met with Democratic House and Senate minority leaders Nancy Pelosi and Chuck Schumer in hopes of gaining tax reform support from the other side of the aisle.
While Cruz is uncertain about Democrats’ motives, he sees consensus as a positive.
“What I think people really care about is substance and if we have Democrats who are willing to help us on tax reform, on regulatory reform, on economic growth and unleashing jobs — fantastic. That would be a great outcome,” he said. “I have to admit I’m a little skeptical. I’m working with these Senate Democrats every day, I have not seen much interest in jobs or economic growth or tax reform or regulatory reform, but there’s no harm in asking. I wouldn’t hold your breath.”