Push adapts ideas from campaign’s economic agenda
Sen. Ted Cruz has his eye on shaping the tax code and other fiscal priorities as he turns his full attention back to Congress after suspending his bid for the Republican presidential nomination.
The Texan told CQ Roll Call that he would like to advance a number of the ideas from his campaign’s economic plan, including some from his $8.6 trillion tax proposal.
The Cruz blueprint calls for slashing tax rates across the board for individuals and corporations, including a plan to streamline the seven individual tax rates into a single 10-percent flat tax. The individual tax rates now range from 10 percent to 39.6 percent. He also would create a 16 percent business transfer tax, similar to a business consumption tax, which would replace the 35 percent corporate tax rate and payroll taxes.
Although he is not a tax writer on the Finance Committee, Cruz has worked in recent months on a range of issues with allies such as Sen. Mike Lee, R-Utah, chairman of the Senate Republican Steering Committee.
“That’s why my No. 1 priority if I had been elected president — and my No. 1 priority here in the Senate is fighting for jobs and economic growth because the people who are benefited the most are the most vulnerable. It’s young people, Hispanics, African Americans, single moms, it’s the working men and women of America,” Cruz said.
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