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Nov. 11, 2015 - InfoWars Special Reports
17:22
Ted Cruz Highlights From Fox Business GOP Debate
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To spur economic expansion, you're calling for a 10% income tax and a 16% business tax.
What other elements do you need in this plan to actually create jobs?
Well, Maria, it's great to be with you.
It's great to be here in Milwaukee.
You know, the question you asked, really, I think, is the most important question any of us can face, which is how do we get the economy growing?
How do we bring back economic growth?
Because economic growth, it's foundational to every other challenge we have.
As you rightly noted, from 2008 to today, our economy has grown 1.2% a year on average.
The Obama economy is a disaster, and the IMF is telling us this is a new normal.
Yeah, we know it's a problem, but it wasn't doing that great under Bush either, okay?
So we have this discussion every four years.
They're not going to talk about...
What's on a lot of our minds, which is what's going on with the police and surveillance state, and what are they doing right now in secret with the Trans-Pacific Partnership, where they're not only screwing us with crony capitalism, an agreement that is written in secret by multinational corporations, but they're also setting up a transnational committee that is going to govern us.
I mean, they're not going to talk about that, are they?
I'm pretty sure if Lindsey Graham was asked this question right now, how he would help the economy, it would be to send 25,000 troops to Iraq and Syria.
He would do that immediately.
What would Lindsey do?
Well, you know, and the other part of this, too, is they all want to play.
Again, we had the same discussion last time, actually, even though they were asking a lot of junk questions.
I let them all talk about income tax rates and different brackets that they were going to set up.
How about a zero tax bracket?
We've had Cruz and many others say, we're going to get your taxes so low, we won't really even need an IRS. Well, yeah, they will need an IRS. It won't be as intrusive, but you could get it down to a zero personal income tax.
If you would be willing to live with a government the size it was in 2004. It's just that simple.
...
grow more slowly and we should allow them to keep a portion of their taxes in a personal account that they control and can pass on to their kids.
I said for future retirees.
Raise the retirees.
Now, I want to go back to the discussion.
Just treat us like adults.
Keep their taxes in personal accounts they can control for the future.
Yeah.
Because if Republicans join Democrats as the party of amnesty, we will lose.
Yep.
Just like Jeb is plunging in the polls right now.
And you know, I understand that when the mainstream media covers immigration, it doesn't often see it as an economic issue.
But I can tell you for a million of Americans at home watching this, it is a very personal economic issue.
All the job growth since 2008 crash has gone to foreign workers, legal and illegal.
Or if a bunch of people with journalism degrees were coming over and driving down the wages in the press.
Well, actually, with Rubio's H-1B visa program, you do have technical engineers.
You have people who are coming into this country and taking the jobs of middle-class, white-collar jobs.
Yeah.
Or if they were all taking the jobs of the politicians, maybe that would do something.
Well, actually, they are.
We've got people like Ted Cruz that don't qualify as natural-born citizens, in my opinion.
It's offensive.
Rubio, Cruz, Jendal.
I am the son.
Who are the twins that are rising up from La Raza?
Seek the American dream.
Oh, yeah.
Down in San Antonio.
And we can embrace legal immigrations while believing in the rule of law.
And I would note, try going illegally to another country.
Try going to China or Japan.
Try and going to Mexico.
Yeah, get Andrew Tamors heat up.
Every sovereign nation.
It secures its borders and it is not compassionate to say we're not going to enforce the laws and we're going to drive down the wages for millions of hard-working men and women.
That is abandoning the working men.
Thank you.
Running up debt and deficits.
assets.
Well, sure, and you put your finger on what the problem is.
But that was a good answer from Rand.
The current system isn't fair.
He talked about the whole thing being in the context of a balanced budget.
He did offer a budget and said, here's how we can cut this, 1% across the board, or these other ways.
Offered multiple ways to do it and still have a balanced budget so we don't increase the deficit.
Sorry, the total debt.
My simple flat tax says that for a family of four...
For the first $36,000 you earn, you pay no taxes whatsoever.
No income taxes, no payroll taxes, no nothing.
Above that, every American pays 10% across the board, a flat, fair tax, which means that no longer do you have hedge fund billionaires paying a lower tax rate than their secretaries.
On the business side...
I've got a business flat tax of 16%.
Again, that applies across the board.
Right now, with our corporate income tax, giant corporations with armies of accountants regularly are paying little to no taxes while small businesses are getting hammered.
This is fair and across the board.
Now, you ask, how do the numbers add up?
I would encourage folks, if you go to our website, tedcruz.org, we have the specific numbers on the website.
This plan...
It eliminates the payroll tax, eliminates the death tax, eliminates the corporate income tax, and it abolishes the IRS. And the effect of that is incredible economic growth.
It means every income group will see double-digit increases from the very poorest to the very weakest of at least 14%.
I mean, the IRS is huge.
Goon agency.
How would they harass any of their political adversaries?
Well, and understand that they increased the IRS dramatically just to hit us with Obamacare.
Right.
See, that illustrates the fact that they use it as an enforcement arm and as a political tool.
I mean, all the stuff that we've had about the scandals at the IRS, they're going after people for political purposes.
But they also want to use it to force you to buy Obamacare, which they don't have any authority under the Constitution to do in the first place.
But it's an enforcement arm.
It's a method of control.
And I'm still upset that none of these guys wants to.
To eliminate it completely.
It really isn't that hard.
We just had Peter Schiff on.
His dad was a political prisoner for many years just for opposing and writing books about the IRS. Oh, yeah.
They put him in jail.
It's a game.
And he got very sick and ended up paying the ultimate price for standing up.
But sometimes that's what you, I guess that's the price you have to pay if you really believe in your convictions.
It's a game.
I remember seeing Peter Schiff at Republican national conventions and he would essentially stand on a soapbox.
And read from the IRS code.
And he was, you know, railing.
He was like, look at what they say here.
And then they say here.
And then so that means that, you know, he was preaching it.
I mean, he was like Lenny Bruce, you know, always staying up there talking.
And they would not, they could not shut him up.
They had to send him to prison.
And they sent him to prison for publishing a book.
Isn't that amazing?
That's going to happen a lot, though.
They're going to send people to prison for putting in links on the Internet.
They're going to send people to prison for wearing the wrong Halloween costume.
I mean, that's going to happen in two years' time.
Somebody's going to have a sombrero on, and they're going to be in jail.
Kicked out of their school.
Yeah, I mean, they're already prepping the youth to accept this totalitarianism.
It's crazy to see what's going on.
Would you go after the very people who...
Believe and fear that Wall Street has ignored.
In other words, the crooks that Bernie Sanders say have gotten away with a financial murder.
Absolutely, yes.
You know, I've spent much of my adult life...
I would have my wife tell me all the crooks in Goldman Sachs and start from there and going out, right?
Is the cronyism and corruption of Washington.
The opening question Jerry asked, would you bail out the big banks again?
Nobody gave you an answer to that.
I'll give you an answer.
Absolutely not.
That's good.
I don't know if I believe him.
He practiced that.
Even the stare.
He's slick.
He and Rubio are the two slickest ones on the stage.
He definitely won all the debates in school.
They get in bed with big government.
The big banks get bigger and bigger and bigger under Dodd-Frank and community banks are going out of business.
He's literally in bed with the big banks.
The consequence of that is small businesses can't get business loans.
And it is that fundamental corruption that is why six of the ten wealthiest counties in America are in and around Washington, D.C. Now let me give you a contrast to Washington cronyism.
Some weeks ago, a woman named Sabina Loving testified at a hearing that I chaired in the Senate.
Sabina Loving is an African-American single mom.
Who started a tax preparation business in the south side of Chicago.
She found a storefront.
She wanted to have her own business.
She started a business.
But then the IRS promulgated new regulations targeting tax preparers.
They did it under a more than 100-year-old statute called the Dead Horse Act.
Now this statute and the IRS in classic Washington crony fashion had exemptions for lawyers and big fancy accountants, but Sabina had to pay $1,000 an employee.
It would have driven her out of business, and Ms. Loving sued the IRS.
She took the Obama IRS to court, and she won, and they struck down the rule for picking the big guys over the little guys.
Senator, you can fight back.
Are you saying, sir, that if a Bank of America were on the brink, you would let it fail?
Yes.
I would hope so.
Now, let's be clear.
There is a role for the Federal Reserve.
Look at Iceland.
There is a role for the Federal Reserve?
...trying to guess what's happening with the economy.
You look at the Fed, one of the reasons we had the financial...
I would ask Neil Cavuto, why banks should be the only business that is not allowed to fail?
Why are the big guys not allowed to fail?
Everybody else is allowed to fail.
We know what happens.
I mean, it's like an animal dying and you've got...
Vulture capitalists who will come along and feed on the ruins of it, redistribute those assets to other people.
It isn't like their assets are going to go away.
They're going to be re-evaluated.
They're going to be distributed to somebody who can manage them.
Instead, what you do is you propagate mismanagement.
That's the same mistake the communists made when they tried to control everything centrally.
We're doing the same thing through crony capitalism.
It's really a form of communism.
Or fascism, economic fascism.
I mean, it's the government controlling the market.
And Neil Cavuto.
Can't believe that we would let Bank of America fail.
Because you're going to strike that fear in the American people.
But that means we're all going to fail.
Ask him if he would let Goldman Sachs fail.
What the Fed should be doing is, number one, keeping our money tied to a stable level of gold, and number two, serving as a lender of last resort.
That's what central banks do.
So if you have a run on a bank, the Fed can serve as a lender of last resort, but it's not a bailout.
It is a loan at higher interest rates.
That's how central banks have worked.
And I'll point out, look, we had a gold standard under Bretton Woods.
We had it for about 170 years of our nation's history and enjoyed booming economic growth and lower inflation than we have had with the Fed now.
We need to get back to sound money.
We had sound money and a working economy when we did not have a central bank, folks.
So you don't need to have a central bank.
To stabilize the economy.
That's the fundamental lie that Cruz is slipping under the door here when he says, I'm gonna let them fail, but we need to have a central bank to have a role to play here.
No, they don't.
We don't need a central bank.
Central banks are the root of the problem.
Getting ready to lose their life savings.
You just don't say we believe in...
No, you have depositor insurance.
And people know what that risk is.
If they want to put more money into it than the FBIC insurance, then they're taking a risk.
Just like they invest in the stock market.
You don't have a guarantee that you're going to have your money there either.
You're taking a risk.
It's called risk.
They socialize the losses and privatize the profits.
That's what they're talking about with bailouts.
Let's understand that.
We need an executive who's been tried, has been tested, and judged the decisions that that executive made.
Think about how much time he's gotten in the last two debates compared to Trump, for example.
I mean, this guy's in single digits.
Why is he even in this debate?
Right.
And they're letting him just take the time, and no one is interrupting him.
This Lehman Brothers whore.
Why don't you then bail out rich Wall Street banks, but not Main Street, not Mom and Pop, not Sabina Loving.
Well, you just said an executive knows to step in and bail out banks.
Call him out for what he is.
What you would do with depositors.
Would you let these banks shut down?
Have you ever heard of FDIC?
My argument is going forward, the banks have to reserve the capital so that the people who own the capital start pressuring the banks to not take these risky approaches, Ted.
But at the end of the day, what would you do if the bank was failing?
I would not let the people who put their money in there all go down.
Glass-Steagall was set up so that banks who were going to get federal depositor insurance couldn't get involved in speculative investments.
They took away Glass-Steagall.
They encouraged massive consolidations in the banking industry until they got too big to fail.
That's the fundamental issue that Mr. Lehman Brothers here doesn't want to talk about.
The last financial crisis, with banks going under, with banks going under and people, people who put their life savings in there, you gotta deal with it.
You know, the bailouts were for the little guy.
Yeah, it sure helped all of us.
We could have paid off 70% of the mortgages, I think is the figure.
Somewhere around there, 70% of the mortgages across America could have been paid off with the money that they used for the bailout.
Instead, they gave it to the big banks, and the big banks kept the money and foreclosed on the home.
And when we talk about the cronyism, Actually, you know, he's just right after Jeb Bush.
That may have changed with Marco Rubio's new corporate sponsors.
But in terms of corporate sponsors, he's second only to Jeb Bush until recently.
Fix the VA.
Because we're going to war.
58 years ago, my father fled Cuba.
As he stood on the deck of that ferry boat with the wind and salt air blowing, he looked back at the oppression and torture he was escaping.
The cool sort of...
And yet he looked forward to the promise of America.
You think the CIA handler?
His story is our story.
What ties Americans with the I thought we didn't want to be the party of amnesty.
That was a long boat trip.
He went away from Cuba to Canada.
Yeah, he loved America's values so much, he went to Canada.
Reagan.
Reagan.
That's right.
End strong with a reference to Ronald Reagan.
Fool me once, shame on you.
Fool me twice, shame on me.
Vote for Jeb.
Well, you're just f***ing stupid.
Fool me.
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