Donald Trump the Ultra Leftist?

[Liar]

Well, Donald Trump a decade ago anyway. Wanting to tax the snot out of millionaires like himself.

Trump proposes massive onetime tax on the rich

November 09, 1999

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 onetime net worth tax on individuals and trusts worth 10 million or more.

By Trumps 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 Trumps 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 DisneylandonthePotomac, Trump said.

Trump would exempt the value of an individuals 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.

Eliminating the national debt would save the federal government 200 billion a year in interest payments, Trump said. He proposes to earmark half the savings for middle class tax cuts, and the other half for Social Security.

Trump said depositing 100 billion annually in the Social Security trust fund would generate 3 trillion over the next 30years, when the trust fund is scheduled to go broke and instead keep the fund solvent through the next century.

The tax also would lead to the repeal the current federal inheritance tax which really hurts farmers and small businessman and women more than anything else, Trump said.

Trump, whose own net worth is an estimated 5 billion, says the wealthy would not suffer if his economic plan were enacted.

Personally this plan would cost me hundreds of millions of dollars, but in all honesty, its worth it, Trump said.

Trump predicts his debt elimination combined with his tax cuts would trigger a 35 to 40 percent boost in economic activity, with more business startups, more jobs, and more prosperity.

It is a winwin for the American people, an idea no conventional politician would have the guts to put forward, Trump said.

Last month, Trump formed a committee to explore seeking the presidential nomination of the Reform Party, which will automatically be on the ballot in 21 states next year.

 

[Wok]

People can change their minds. Why do you hate progress?

 

[PannieMonster]

Nearly half of California's income taxes before the recession came from the top 1% of earners: households that took in more than $490,000 a year. High earners, it turns out, have especially volatile incomes—their earnings fell by more than twice as much as the rest of the population's during the recession. When they crashed, they took California's finances down with them.

New York, New Jersey, Connecticut and Illinois—states that are the most heavily reliant on the taxes of the wealthy—are now among those with the biggest budget holes. A large population of rich residents was a blessing during the boom, showering states with billions in tax revenue. But it became a curse as their incomes collapsed with financial markets.

In New York before the recession, the top 1% of earners, who made more than $580,000 a year, paid 41% of the state's income taxes in 2007, up from 25% in 1994, according to state tax data. The top 1% of taxpayers paid 40% or more of state income taxes in New Jersey and Connecticut. In Illinois, which has a flat income-tax rate of 5%, the top 15% paid more than half the state's income taxes.

http://online.wsj.com/article/SB10001424052748704604704576220491592684626.html?mod=msn_free

I guess the Donald was wrong back then and now realizes it.

 

[koalabear]

He just recently found out his name isn't on the Progressive Elite list.

 

[semen4her]

You guys should vote him in next.