Monday, April 11, 2011
CNN, Trump Proposes Massive Onetime Tax on the Rich
(Nov. 9, 1999):
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 .. is proposing a onetime net worth tax on individuals and trusts worth $10 million or more. By Trumps calculations, his proposed 14.25% levy on such net worth would raise $5.7 trillion and wipe out the debt in one full swoop. ... Trump would exempt the value of an individuals principal home from the net worth total.
By my calculations, 1% of Americans, who control 90% of the wealth in this country, would be affected by my plan, Trump said. The other 99% of the people would get deep reductions in their federal income taxes, he said.