...by Donald Trump:
"...on one issue that would affect billionaires like him personally, Donald Trump could not have been more liberal. According to this CNN article from 1999, Trump proposed erasing the national debt—with a one-time “wealth tax” on the mega-rich.Via Daily Kos. Here are some more excerpts from the CNN article:
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.And he even used language that would later become slogans for the Occupy movement to sell his proposal.
“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 … Personally this plan would cost me hundreds of millions of dollars, but in all honesty, it’s worth it.”
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...Wouldn't it be interesting if he were to raise the same point during this year's Republican presidential debates?
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 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, whose own net worth is an estimated $5 billion, says the wealthy would not suffer if his economic plan were enacted.