Ted Cruz pitches tax reform: 'Let's simplify the tax code'

Trump: The rich will not gain from tax reform
Trump: The rich will not gain from tax reform

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Trump: The rich will not gain from tax reform 00:59

Washington (CNN)Much like the rest of his party, Republican Sen. Ted Cruz is advocating Wednesday for an overhaul to nation's tax system.

"Let's simplify the tax code. Let's let everyone fill out their taxes on a postcard. We spend about 9 billion hours a year wasting time with the IRS. The world would be much, much simpler if you and I and everyone else just filled out a post card," Cruz said in a wide-ranging interview with CNN's Dana Bash.
House Ways and Means Committee Chairman Kevin Brady announced on Wednesday the committee, in partnership with the White House, would be releasing a "consensus document" in the upcoming weeks that would outline the GOP's plan for tax reform.
    Republicans in Congress are planning to present their plan to the White House during the week of September 25, before they proceed to attempt to pass their proposed budget.
    Cruz on Wednesday pitched the simplification of the tax code and is pushing "immediate expensing."
    "What that means is that businesses, farmers, ranchers, if you spend money on a capital investment, you can immediately expense that and deduct it from what you're paying taxes on," Cruz said.
    But the Texas senator acknowledged that the Republican-held Congress just ultimately needs to pass something -- particularly after its failure to repeal the Affordable Care Act, former President Barack Obama's signature domestic legislative achievement also known as Obamacare.
    Cruz said a victory will be "whatever can get 50 votes in the Senate." He added that he would vote for something resembling the tax cuts from the George W. Bush administration.
    "That would be improvement from the status quo," Cruz said. "I hope we do a lot better. I mean, we've got an opportunity. If we come in with full expensing, if we simplify the tax code. If we cut the rates, we have an opportunity to see millions of new jobs created to really raise wages. "