CNBC Excerpts: Senator Ted Cruz Speaks with CNBC's "Squawk Box" Today
Following are excerpts from the unofficial transcript of a CNBC interview with Senator and Republican presidential candidate Ted Cruz on CNBC's "Squawk Box" (M-F, 6AM-9AM ET) today, Friday, April 15th. Following are links to the video on CNBC.com: http://video.cnbc.com/gallery/?video=3000509967, http://video.cnbc.com/gallery/?video=3000509968 and http://video.cnbc.com/gallery/?video=3000509979.
All references must be sourced to CNBC.
CRUZ ON MINIMUM WAGE
I think the minimum wage systematically hurts the most vulnerable. Now I think it is within a state's constitutional authority to have a minimum wage, so if New York wants to do that, if California wants to do that, they have the power to do it. I think it's bad policy.
CRUZ ON HIS TAX PLAN
My tax plan is simple. It is a simple flat tax for a typical family of four. First $36,000 you earn, you pay nothing. Zero income tax, zero payroll tax – nothing. Above $36,000 each marginal dollar you pay a simple flat tax of 10%. No longer is a hedge fund billionaire paying a lower effective tax rate than a secretary. Everyone pays the exact same.
CRUZ ON AFTER-TAX PAY
Every income group from the very poorest to the very richest sees a double digit increase in after-tax pay. The average family in America under the Cruz simple flat tax will take home $7,600 more. That's real money that makes a difference for someone struggling to make ends meet.
CRUZ ON COMPROMISE
I am perfectly happy, I've said this from the day I was elected, to compromise with anyone, Republican, Democrat, Independent, Libertarian. I've joked I've compromised with Martians – if they're willing to shrink the size and power of the federal government. If they're willing to reduce the burdens on small businesses to create economic growth. If they're willing to protect the bill of rights. What I don't support is compromise that goes backwards. That makes the situation worse.
CRUZ ON THE CRASH COMING
The Fed has, for those with assets, has driven up stock prices, has driven up assets values, but that's not built on anything real. It's not built on an increase in the intrinsic value of those assets. It's just based on playing games with money which means a crash will be coming.
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