Republican Cruz proposes 10 percent flat tax on individual income

Reuters
U.S. Republican presidential candidate Senator Ted Cruz is introduced at the North Texas Presidential Forum hosted by the Faith & Freedom Coalition and Prestonwood Baptist Church in Plano, Texas October 18, 2015. REUTERS/Mike Stone

(Reuters) - U.S. Republican presidential candidate Ted Cruz on Wednesday said that if he reached the White House he would establish a flat tax of 10 percent on all individual income above $36,000. Cruz, a U.S. senator from Texas, said in an op-ed in the Wall Street Journal that income below that level would not be taxed. Cruz also said he would eliminate the estate tax and taxes tied to the Obamacare health overhaul, and he would implement a 16 percent flat business tax. (Reporting by Emily Stephenson; Editing by Sandra Maler)