Current Events > Trump proposes massive one-time tax on the rich

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Revnir
02/14/20 10:42:36 PM
#1:


NEW YORK (CNN) -- Billionaire businessman Donald Trump has a plan to pay off the national debt, grant a middle class a tax cut, and keep Social Security afloat: tax rich people like himself.

Trump, a prospective candidate for the Reform Party presidential nomination, is proposing a one-time "net worth tax" on individuals and trusts worth $10 million or more.

By Trump's calculations, his proposed 14.25 percent levy on such net worth would raise $5.7 trillion and wipe out the debt in one full swoop.
The U.S. national debt decreased by $9.7 billion in September but remains at $5.66 trillion, according to the latest U.S. Treasury figures.
The net worth tax is the cornerstone of Trump's economic plan released Tuesday morning.

"No one has put forward a plan to make this country entirely debt free as we enter the next millenium," Trump said in a written statement.
"The plan I am proposing today does not involve smoke and mirrors, phony numbers, financial gimmicks, or the usual economic chicanery you usually find in Disneyland-on-the-Potomac," Trump said.

Trump would exempt the value of an individual's principal home from the net worth total.

"By my calculations, 1 percent of Americans, who control 90 percent of the wealth in this country, would be affected by my plan," Trump said.

"The other 99 percent of the people would get deep reductions in their federal income taxes," he said.

http://www.cnn.com/ALLPOLITICS/stories/1999/11/09/trump.rich/index.html

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brotrrwinner
02/14/20 10:43:36 PM
#2:


This will happen

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Makeveli_lives
02/14/20 10:46:46 PM
#3:


Edit, y'all should tag the tc appropriately

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Boombam99
02/14/20 10:47:42 PM
#4:


November 9, 1999
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Makeveli_lives
02/14/20 10:48:55 PM
#7:


Boombam99 posted...
November 9, 1999
Well damn that's one hell of a bait and switch the tc pulled. I can't lie I ain't even read the damn article

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Vita_Aeterna
02/14/20 10:48:57 PM
#8:


edit: no wonder the number was 5 trillion lol. 1999 numbers.

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AlCalavicci
02/14/20 10:49:26 PM
#9:


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Hexenherz
02/14/20 10:50:08 PM
#10:


Saw that "reform party" candidate and thought this must be an old thing.

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AlCalavicci
02/14/20 10:51:55 PM
#11:


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Revnir
02/14/20 10:53:41 PM
#12:


Makeveli_lives posted...
Well damn that's one hell of a bait and switch the tc pulled. I can't lie I ain't even read the damn article

That was my point though. Trump would say absolutely anything. Imagine Trump saying stuff like that today.

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Tired-Insomniac
02/14/20 10:57:23 PM
#13:


Damn why couldn't we get that Trump

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Machete
02/15/20 9:52:17 AM
#14:


Boombam99 posted...
November 9, 1999


"Reform Party" gave it away long before the date in the link.
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KillerSlaw
02/15/20 9:52:59 AM
#15:


Back when everyone loved Trump.

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Kavatar
02/15/20 9:55:14 AM
#16:


How funny that the proclaimed success of the tax cuts he actually passed is all smoke and mirrors.

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Ultima Dragon
02/15/20 9:56:54 AM
#17:


Vita_Aeterna posted...
edit: no wonder the number was 5 trillion lol. 1999 numbers.

Yeah, I was super confused for a while lol.

Current debt is probably going up by like 5 trillion a year.

If he tried something like this today he'd immediately be JFK'd. Same with Bernie. You either play ball or you don't play anything at all.

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Feetish
02/15/20 9:57:05 AM
#18:


KillerSlaw posted...
Back when everyone loved Trump.

Everyone?

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EndOfDiscOne
02/15/20 9:58:25 AM
#19:


Revnir posted...
"net worth tax" on individuals and trusts worth $10 million or more.
It wouldn't surprise me if he went with $10 billion to get at Bloomberg and Bezos

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