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.
Simplify tax code; end marriage penalty & other hidden taxes
Let me sum up what is wrong with the tax code.
Its complexity bleeds off billions of productive hours.
Tax rates are too high.
Hidden taxes take even more.
High property taxes punish people for improving their property.
Our code
discriminates against married people.
The complexity of the tax code allows too much government intrusion into our lives.
The tax code is liable to change overnight in ways that could jeopardize your plans for a small business or retirement.
Source: The America We Deserve, by Donald Trump, p.183-84
, Jul 2, 2000
Opposes flat tax; benefits wealthy too much
I object to the flat tax:
It is unfair to the poor; eliminating the Earned Income Tax Credit [hurts] taxpayers at the lowest rungs of the ladder.
It is unfair to workers by taxing them for health insurance and other benefits.
Only the
wealthy would reap a windfall, because a flat tax would allow them to cash in interest payments and capital gains without paying personal income taxes.
I don’t believe that a flat tax could raise enough revenue to keep the government operating.
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.
He said the one-time tax package would:
Raise $5.7 trillion to erase the nation’s debt and save
$200 billion in annual interest payments
Use the savings to save Social Security and slash taxes for the middle class
Increase his personal tax bill by at least $725 million.
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
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