10% flat tax rate on personal income. eliminate all corporate taxes. 16% business flat tax, universal savings accounts by the way and the death tax which is double and triple taxation. would that come into balance in your view and how does it get into balance and what would the percentage of growth need to be for it to be in balance? so it absolutely comes into balance. i would encourage your viewers if you go to our web site, tedcruise.org we have detailed numbers there. you can see this tax plan, the simple flat tax, would produce 4.9 million new jobs, would increase capital investment by 44%, and every income group in america would see your after-tax income grow by at least 14%. so if you re a single mom making $40,000 a year, it means your after-tax income is an additional $5600 a year. it is reagan kemp growth tax plan. and it produces the most jobs of any republican on that main debate stage.
I think we have to get monetary policy right, we have to get fiscal policy right. and we ve got to get some of the regulatory burdens out of the way so that businesses can start operating success friday again. for example, we re just overwhelming the banking industry with regulation and it s really hurting. a lot of people cannot gain access to the banking system today because of the mounds of regulation that have been heaped on the banks. as somebody who has talked about cutting regulation, it s dr. ben carson. i want to play a back and forth from the debate in terms of the discussion of whether his tax plan was possible or not. take a listen. you d have to cut government by about 40% to make it work with the $1.1 trillion. it s not true. it is true. i looked at the numbers. i was once told that 80% of all statistics are a lie. with that in mind, as these candidates are throwing around all of these numbers, this will work, that will work, i can do it at a 10% flat tax rate,
Represent a significant tax cut. donald trump would eliminate federal income tax for those earning less than 25,000 a year. jeb bush would have a top tax rate of 28%. rubio creates two tax brackets. senator rand paul favors a flat tax rate of 14.5%. each of these plans varies widely in detail. rubio offers a new child deduction and a personal credit and the other proposals get rid of the estate tax. they vary quite widely. patti ann: is it a tax cut? overall, absolutely. these candidates propose closing
We know last year from watching maine and maryland to become the first two states to pass initiate toughs approving marriage equality. and colorado and washington, the first states to pass marijuana legalization. it tells us a lot about the direction of politics more broadly. in colorado, voters are going to be asked to approve massive tax increases to increase funding for education. it wants voters to i prove a billion dollar tax increase, it will get rid of colorado s flat tax rate and go to a two-tier system. residents making more than $75,000 will be taxed at 4.9%. they will direct all state
Move to russia, russia has a 13% flat tax rate, far lower than the 40% marginal tax rate we ve got now going on in the u.s. the thing is, this is spreading now to the u.s. in 2011, 1800 americans renounced the u.s. citizenship. that was more than 07, 08, 09 combined. i ll bet you it s a higher number for 2012 when it comes in and i bet you it it goes up in 2013. the obama administration and the democrats, they re so happy and gloating about smacking those tax rates on the rich and there s this new assumption, this politically correct assumption that you know what? you rich people, you re going to bend over and take that spanking because we raised rates on you so there. when you soak the rich, the rich start packing and they ll go elsewhere. and golfer, phil mickleson might do that. the former president of france is also, he s going to london he says or the u.k., because he wants to develop his business opportunity, but he s also got a few little