DENVER – Texas Sen. Ted Cruz says the U.S. should adopt a system similar to a European-style value-added tax, contributing to a division in the Republican presidential field.
Some simply want to cut existing tax rates. Cruz is among those who suggest scrapping the nation’s tax code entirely and starting from scratch.
All the plans released by the Republican candidates to date would starkly reduce the amount of money Americans and U.S. business pay in taxes.
But the candidates get there in very different ways. Donald Trump, Marco Rubio and Jeb Bush have all proposed cuts and consolidation of existing tax rates.
Cruz has joined Kentucky Sen. Rand Paul in combining a flat tax with a tax on business activity that would take the place of the current corporate income tax.