Trump proposes massive one-time tax on the rich to pay off national debt

[Dick Trump]

Can America tax its way back to greatness? Donald Trump seems to think so.

http://edition.cnn.com/ALLPOLITICS/stories/1999/11/09/trump.rich/index.html

[axxo]

I think Donald has an excellent idea, the wealthy have been riding on the backs of the middle class for too long. Need proof wait until the CEO salaries are published,then you will see how they have been riding on the backs of their employees with their outrageous salaries.

[Dick Trump]

I think Donald has an excellent idea, the wealthy have been riding on the backs of the middle class for too long. Need proof wait until the CEO salaries are published,then you will see how they have been riding on the backs of their employees with their outrageous salaries.

You don't think that taking $18T out of the money supply to retire 0% interest debt would have negative ramificatiins on the US and global economies? Because I do.

Trump doesn't understand the difference between personal/corporate/municipal debt vs. sovereign debt. He is unfit for office, which is too bad because I like him.

[galdur]

It isn´t about $18 Trillion, but 5.7. I guess that´s the part of it that´s held by parties outside of the United States. It´s a 14.25% levy on individuals and trusts worth net $10 million or more. Seems reasonable.

[subSTRATA]

I think Donald has an excellent idea, the wealthy have been riding on the backs of the middle class for too long. Need proof wait until the CEO salaries are published,then you will see how they have been riding on the backs of their employees with their outrageous salaries.

its a great idea, but it isnt new or anything, no president has had the balls to actually push such a tax forward. its pretty clear that the most wealthy in the US dont need the entirety of their wealth in their lifetime, yet the disparity between them and the middle class grows every day for no greater cause. even if this tax doesnt repay the majority of the debt, its certainly a great start for many reasons.

[galdur]

I think it´s inevitable sooner or later. Interest rates will only stay low for so long. If nothing is done they´ll eat up most of the federal receipts eventually. It´s nice if you can just add your interest expenses to the existing debt but it isn´t a perpetual machine.

[subSTRATA]

I think it´s inevitable sooner or later. Interest rates will only stay low for so long. If nothing is done they´ll eat up most of the federal receipts eventually.

maybe, but maybe not. the US's consumerism culture plays a pretty large role in the world's economy, and if theres any real threat to that economy completely collapsing, the world powers will (reluctantly) scramble to keep it afloat. eventually though, with the country constantly weakening as it is, that probably wont be the hypothetical case anymore, and there might be a repeat of greece. hopefully the debt problem gets fixed before then.

[galdur]

I think it´s inevitable sooner or later. Interest rates will only stay low for so long. If nothing is done they´ll eat up most of the federal receipts eventually.

maybe, but maybe not. the US's consumerism culture plays a pretty large role in the world's economy, and if theres any real threat to that economy completely collapsing, the world powers will (reluctantly) scramble to keep it afloat. eventually though, with the country constantly weakening as it is, that probably wont be the hypothetical case anymore, and there might be a repeat of greece. hopefully the debt problem gets fixed before then.

Which world powers would that be? We´re talking Gigantic amounts here. Frankly, I think you´d need to call E.T. to bail out Uncle Sam. 

[Dorrittulx]

Us, citizens, have no right to be talking about 5 Trillion. I can't comment. If donating $10K to the government will make America Great Again, I'll do it.

[galdur]

Us, citizens, have no right to be talking about 5 Trillion. I can't comment. If donating $10K to the government will make America Great Again, I'll do it.

You have full right to talk about it to your best ability. If they really tax the rich for trillions, then maybe consider your donation, not before.

[subSTRATA]

I think it´s inevitable sooner or later. Interest rates will only stay low for so long. If nothing is done they´ll eat up most of the federal receipts eventually.

maybe, but maybe not. the US's consumerism culture plays a pretty large role in the world's economy, and if theres any real threat to that economy completely collapsing, the world powers will (reluctantly) scramble to keep it afloat. eventually though, with the country constantly weakening as it is, that probably wont be the hypothetical case anymore, and there might be a repeat of greece. hopefully the debt problem gets fixed before then.

Which world powers would that be? We´re talking Gigantic amounts here. Frankly, I think you´d need to call E.T. to bail out Uncle Sam. 

anyone that would suffer from a US economic collapse, im not going to name what countries because i dont have to knowledge to claim which ones likely would, and i never said anything about them bailing out the country out of debt entirely, but i did say they would try and keep the country afloat, just enough to avoid a crisis.

[galdur]

I think it´s inevitable sooner or later. Interest rates will only stay low for so long. If nothing is done they´ll eat up most of the federal receipts eventually.

maybe, but maybe not. the US's consumerism culture plays a pretty large role in the world's economy, and if theres any real threat to that economy completely collapsing, the world powers will (reluctantly) scramble to keep it afloat. eventually though, with the country constantly weakening as it is, that probably wont be the hypothetical case anymore, and there might be a repeat of greece. hopefully the debt problem gets fixed before then.

Which world powers would that be? We´re talking Gigantic amounts here. Frankly, I think you´d need to call E.T. to bail out Uncle Sam. 

anyone that would suffer from a US economic collapse, im not going to name what countries because i dont have to knowledge to claim which ones likely would, and i never said anything about them bailing out the country out of debt entirely, but i did say they would try and keep the country afloat, just enough to avoid a crisis.

If it´s about keeping the country afloat well that´s even more reason to tax the rich. Someone worth $100 million isn´t exactly going destitute if it drops by a few million dollars.

[galdur]

Face it; they´re too addicted to military spending and wars (to get rid of the product to be able to produce more) to cut that down meaningfully. Too big interests, armaments manufactures, employment, the Pentagon etc. It´s huge. So, they´ll have to tax the rich eventually. Many of them have become filthy rich through endless war scams anyway.

[BADecker]

This whole idea is a Trump farce, designed to see how far you can pull the wool over the eyes of Americans.

This proposal is simply a shift in money. It takes money from people who have worked hard, and spreads it out to where? All over?

If the Federal Reserve Banking System is allowed to remain, the same thing will happen all over again.

Who makes the rich people rich. Invariably it is the poor people who buy their products and services. What will happen if the rich lose money to taxes? They will do the thing that they have been doing forever... pass their losses on to the poor in the form of price increases. This is not a tax on rich people. It is a hidden tax on poor people.

The only way to make money work for America is:
1. Shut down the Federal Reserve Bank.
2. Cancel all bank debt by law, because it is all fake debt anyway.
3. Get rid of the whole idea of a debt-money system, and place the nation on value money system.
4. Get rid of income taxes for the people, and let Fed Gov live off pure excise taxes on Federal Corporations, and the States... and,
5. Make the nation strong by letting Gov tax imports and exports. Since Gov would be getting only a fraction of its former money without the debt-money system, and without income taxes, its adjustment of import/export taxes, would return jobs to the States, and yet allow all kinds of foreign products in. America would become an export nation that would rule the world.

If Trump ever tried to shut down the FED, he would be assassinated.

This whole thing is a show to see how ignorant Americans are.

[saddampbuh]

November 9, 1999
Web posted at: 6:24 p.m. EST (2324 GMT)

[Swordsoffreedom]

Can America tax its way back to greatness? Donald Trump seems to think so.

http://edition.cnn.com/ALLPOLITICS/stories/1999/11/09/trump.rich/index.html

This was written in 1999 but it does make me smile a bit because he can go back to it and be like Look at the Corporate tax rate then and look at it now Is America really doing great when we lost all these jobs and go on a tangent.
(Then at the end but it's people like me who make these jobs so vote Donald J Trump for president)

[galdur]

They need to recall soldiers sitting in countless bases around the world and put them to work repairing the infrastructure, roads, bridges, dams, etc etc. And put others to work with them. And transfer 250 billion from the military spending to those projects. It would be a good start.

[croato]

Trump is right. Rich ppl should pull their weight and help to solve debt problem but i dont think that will happen anytime soon. Whole debt backed economy is moderated to rich ppl become richer and poor to stay down in the mud.

[bryant.coleman]

This is a great idea. However, I don't think that it can be put in to practice. For example, take the case of Sheldon Adelson. He is worth some $30 billion right now. If he is asked to churn out $4.5 billion as a one time wealth tax payment, then he will just renounce his American citizenship, and will buy a passport from Malta or Cyprus (that is, if he is not already having double citizenship).

[galdur]

This is a great idea. However, I don't think that it can be put in to practice. For example, take the case of Sheldon Adelson. He is worth some $30 billion right now. If he is asked to churn out $4.5 billion as a one time wealth tax payment, then he will just renounce his American citizenship, and will buy a passport from Malta or Cyprus (that is, if he is not already having double citizenship).

There would be some of that but most would comply. I guess some of the richest guys would be paraded on TV and their patriotism hyped.