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Donald Trump on Tax Reform


Repeal the inheritance tax to offset one-time wealth tax

I would impose a one-time, 14.25% tax on individuals and trusts with a net worth over $10 million. For individuals, net worth would be calculated minus the value of their principal residence. That would raise $5.7 trillion in new revenue, which we would use to pay off the entire national debt [and shore up the Social Security Trust Fund].

My proposal would also allow us to entirely repeal the 55% federal inheritance tax. The inheritance tax is a particularly lousy tax because it can often be a double tax. If you put the money into trust for your children, you pay the inheritance tax upon your death. When the trust matures and your children go to use it, they’re taxed again. It’s the worst.

Some will say that my plan is unfair to the extremely wealthy. I say it is only reasonable to shift the burden to those most able to pay. The wealthy actually would not suffer severe repercussions. The 14.25% net-wroth tax would be offset by repeal of the 55% inheritance-tax liability.

Source: The America We Deserve, by Donald Trump, p.170-74 Jul 2, 2000

Simplify tax code; end marriage penalty & other hidden taxes

Source: The America We Deserve, by Donald Trump, p.183-84 Jul 2, 2000

Opposes flat tax; benefits wealthy too much

Source: The America We Deserve, by Donald Trump, p.186 Jul 2, 2000

Personally avoids sales tax, but knows many people like it

Asked to discuss the idea of a national sales tax, Trump responded: “How do I feel about sales tax? I try to avoid paying it whenever possible. But the idea is an idea that a lot of people like very much.”
Source: nytimes.com/library/politics Dec 10, 1999

One-time 14.25% tax on wealth, to erase national debt

Trump wants to soak the rich, including himself. He proposed a 14.25% tax yesterday on the net worth of wealthy Americans.
Source: Boston Globe, p. A19 Nov 10, 1999

Tax assets over $10 million, paid over 10 years

Trump proposed a 14.25% tax on the net worth of wealthy Americans. People and trusts valued at more than $10 million would be subject to the new tax. The original plan called for collection in a single year but, in a last-minute change, Trump said he would allow more time for people having trouble liquefying their assets. “Let’s say 10 years,” he said.
Source: Boston Globe, p. A19 Nov 10, 1999

Other candidates on Tax Reform: Donald Trump on other issues:
Pat Buchanan
George W. Bush
Al Gore
Ralph Nader

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