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Donald Trump Proposes 10% Tax On The Rich To Pay Off U.S. National Debt

Trump made the pitch in 1999 when he was considering a run.  We tried to contact The Donald this morning for comment and our call has not been returned.


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 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.

No one has put forward a plan to make this country entirely debt free as we enter the next millennium, 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.

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.

Continue reading at CNN...




h/t to the Tax Prof Blog

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Reader Comments (7)

A guy who has filed for bankruptcy on numerous occasions.

Yes. That's who I would get my financial advice from.

Why is sarcasm always so sarcastic?
Apr 11, 2011 at 5:38 PM | Unregistered CommenterAlberto
OK yes he has funny hair but I have to say he makes more sense then a lot of them (excluding Ron Paul) look at Warren Buffet he's just another Welfare Queen really and one with a big mouth he likes to talk smack but his billions were saved by the taxpayers and he keeps his money in charitable foundations so while he lectures the rest of us on how much we should pay he does the opposite. Plus it really sucks that people like him donate and support people like obama and in the end we pick up the tab. At least the Donald is proposing some kind of plan.

Buffett’s Betrayal


Billionaire Wealth Giveaways – Generosity or Tax Avoidance?


If Government is so Great, Why don’t Rich Liberals Donate Money to it?


Frankly though I view the government taking money from any of us for anything but essential services is theft. The taking from one to give to another is disgusting who the hell do they think they are that really galls me the foreign aid, welfare (for those capable of working), Americans forced to pick up the medical bills for illegal aliens all those things including Wars of choice should be stopped that would go along way in reducing the deficit and future spending.

The point to remember is that what the government gives it must first take away. ~John S. Coleman
Apr 11, 2011 at 5:56 PM | Unregistered CommenterLiberatedCitizen
Go Donald Go!!!!!!! Can't get any worse....Anything is better than the Kenyan and the Keystone Cops up there in DC.....AB
Apr 11, 2011 at 7:07 PM | Unregistered Commenterain't bullshitt'n
i would imagine that trump has benefited from a few gov't programs in his day...i like the noise he makes on some issues...i seriously doubt he will run...i think he's just using his platform to frame the debate...
Apr 12, 2011 at 11:48 AM | Registered CommenterDailyBail
If you confiscated every dollar ever printed you would only pay off the principle, so how would you pay the interest? Donald has benefited.
Apr 12, 2011 at 12:46 PM | Unregistered CommenterS. Gompers
I have always said a 10% flat tax would be fair for all.............Trump is not that far off base.....10% would in 1-2 years get us out of debit........."BUT" get places like GE to go along with it, much less "Big Pharma"...........

You can throw around the answers to the big questions all day long...getting all buissnes to pay thAre fair share is a nother thing......right...?

"It Aint Gona Happen".........! It would fix this shit they brought apon us, all becouse of greed on thAre part....?

Sooooooo, we have the answers, and they have the keys to run this car in the ditch but once again.........?
Apr 12, 2011 at 8:59 PM | Unregistered CommenterTexas Dar
Ther is A real Plan


The World Wide Movement is Great but needs to be tied to a working Policy. Politicians don't have the answers to your demands they are stuck in limbo. PlanQ can change all that energy, but can't do it without you. Need you to push it along loud and clear.

The following blog is in relation to several questions I have asked myself about the ongoing circumstances revolving the GFC for last year and any action that could or should be taken by our Governments.

The key motivation for PlanQ: the timing, priority and distraction of the GFC and GDC may put our Planet at risk of serious longterm ecological harm, far worse then the economic adversity we face or endure. If and whenever we get to a global economic recovery you will be asked to pay for it. So instead push for PlanQ.

Sing the slogan, sing it loud, sing it all over the world..
"we want, we want, PlanQ, PlanQ - we want, we want, PlanQ, PlanQ"

Key proposition and solutions of PlanQ 2012 will create huge amount of jobs and include; Sovereign Solvency Resolution, Debt Leverage Resolution, International Economic Policy Reform via IMF, Fast tracking of Eco & Enviro Rehab & Sustainability and Micro Economic Humanitarian Reform. It is the only solution that is a win win for all, end poverty and fix our Planet at the same time.

I know what all you economists are thinking right now, it cant be done. Yet I will demonstrate a fully funded proposal that will actually work without more debt.

Part A - The Plan Overview

PlanQ will outline a radical yet rational proposal to reshape our Global fiscal architecture and provide a "solid tier of stability" that is evidently missing. The revised system would asher in a new era for trade and commerce. It would allow for mass recapitalization of our drained financial systems and extinguish a large proportion of Global Sovereign debt.

There is no doubt my proposal is controversial, it is done so with intent to sow a seed of thought, for perhaps an abstract view, look and feel of how this global crises could be resolved. Importantly the plan does provide tools and application necessary to achieve the outlined objectives. It is not to say that it is the way or only way to achieve good and acceptable results. One thing is clear from the onset, the benefits would be felt extremely fast, be wide ranging, fair to all and potentially could enhance life of every person in our diverse people, cultures and communities including you if this plan is given the chance to materialise.

Our Global financial and political experts will no doubt differ on opinion of such a bold and ostentatious proposal. Many will see the immediate political benefits of PlanQ, and many will be quickly to jump in, point out potential flaws and adverse consequences such a move would bring. Some narrower or conservative thinking individuals will dismiss this proposal altogether as pie in the sky talk, unable to fathom or believe, it to be possible to achieve. I would call on all the experts amongst them to work with our global policy makers to debate and negate a workable solution that would overcome these very obstacles and set out a framework that is acceptable and will work. Remember if your the expert, the world may rely and depend on your input to make it work.
What is clear to me and anyone else, something big has to occur to move things along. So listen carefully and think big.

The proposed Plan would meet our current economic calamity head on. The massive one off and ongoing longterm benefits could and must be tied together with real actions that are, aside from simple monetary benefits a lot more important. Any monetary gains would be tied to real actions, goals and requirements for things such as, a speedy reduction in carbon emissions, global warming, environmental, ecological and humanitarian improvements and so on must all be considered as part of the bigger picture.

Over time one could, and might, argue that the ecological and humanitarian benefits to our Planet by themselves would outweigh tenfold any financial benefits derived from this proposal.

May history be made and 2012 mark the Year of wisdom, humanity and humility.

Part B

PlanQ 2012

And how PlanQ will make the impossible possible? We will release policy details via twitter @planq2012 but need all troops to follow first so COME ON!

Come on board we need your help to spread the news!!!

Sincerely yours, John Citizen PlanQ Australia fb
Oct 7, 2011 at 1:58 AM | Unregistered CommenterJohn Citizen

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