Ahead of this weekend's South Carolina Republican primary, Republican presidential candidate Ted Cruz calls for fundamental tax reform and a 'flat tax' on Americans. Rough Cut (no reporter narration).
ROUGH CUT (NO REPORTER NARRATION) U.S. Republican presidential candidate Ted Cruz told voters in Anderson, South Carolina on Tuesday he would create a flat individual income tax and that among other changes, he would aim to do-away with the Internal Revenue Service, if elected to office. "I will go to Congress and we will pass fundamental tax reform. A simple, flat tax, where every American can fill our our taxes on a post card. And when we do that, we should abolish the IRS," Cruz told supporters. A tax plan proposed by Republican presidential candidate Ted Cruz would cut federal revenues by $8.6 trillion over 10 years, adding substantially to the debt, according to an analysis published on Tuesday by a nonpartisan research center. Other changes include repealing the corporate income tax, as well as payroll taxes for Social Security and Medicare, and estate and gift taxes; increasing the standard deduction and eliminating most other deductions except for mortgage interest and charity; and adding a broad-based 16 percent value-added consumption tax.