Republican presidential candidate Sen. Ted Cruz reiterated his support for a flat tax on Monday, arguing that "Tax Freedom Day" comes "way too late."

"It collapses the existing seven individual rates into one flat rate of 10% for everyone, abolishes the IRS as we know it, and dismantles the Washington Cartel by cutting off their access to the tax code as a political weapon," Cruz wrote in an editorial for USA Today.

The Texas senator was writing in honor of Tax Freedom Day. The event, which represents when Americans have earned enough, on average, to pay their tax burden, fell on April 24 this year.

Citing a study by the Tax Foundation, Cruz suggests, "[W]ithin a decade the Simple Flat Tax would increase take-home pay by $7,600 for the median household, create 4.9 million jobs, and increase after-tax income by double-digits for all income groups."

"The respected Tax Foundation calculates that there would be some modest revenue loss at first, but for every dollar of revenue lost to the government, there would $23 created in the economy," Cruz writes. "Compare that to what the Tax Foundation calculated for the [Donald] Trump tax plan: over $10 trillion of lost revenue and a meager $1.45 return to the economy for every dollar of its massive loss to the Treasury."

Cruz also reiterated promises to audit the Federal Reserve, repeal Obamacare, and "stabilize the dollar."