Ted Cruz: “Under the new law, you lose 100 grand that year, you make…”

“Ordinarily, you would deduct the hundred grand from the 130 grand and you would pay taxes on the 30,000 profit you. Had, which by the way, is exactly what everyone else does right now. Under the new law, you lose 100 grand that year, you make 130, you could only deduct 90% of the hundred grand you lost. which means instead of paying taxes on the 30 grand you made, you would pay taxes on 40 grand you would end up paying taxes on more than you made.” (29:18–29:29)

This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.