Photo: Eric Gay, Associated Press
WASHINGTON – Texas U.S. Sen. Ted Cruz is scheduled to deliver what his office calls a “major policy speech” on tax reform Wednesday as part of a Tax Foundation think tank event.
Cruz, a 2016 Republican presidential candidate, is expected to sound many of the same themes laid out by President Donald Trump, who has been traveling the country in support of a GOP plan to streamline the tax code and make significant cuts to corporate and individual income tax rates.
Among the architects of the GOP plan is Houston Republican Kevin Brady chairman of the tax-writing House Ways and Means Committee. Brady has vowed to get a tax reform package through Congress by the end of this year.
As a presidential candidate, Cruz argued for repealing corporate income taxes, collapsing seven individual income tax rates to a single 10 percent rate, and eliminating most deductions and credits. He also proposed a new broad-based 16 percent consumption tax.
Critics said that while the plan would cut taxes for most people, it would disproportionately benefit the wealthy. The Tax Policy Center estimated that it would reduce federal tax revenues by $8.6 trillion over a decade.