U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Politics and Other Controversies
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
View Poll Results: Do you support Trump's wealth tax?
Yes, great idea! 8 53.33%
No, and anyone that proposes such a socialist wealth redistribution should be disqualified from office. 7 46.67%
Voters: 15. You may not vote on this poll

Reply Start New Thread
 
Old 09-25-2019, 03:54 PM
 
8,017 posts, read 4,529,778 times
Reputation: 10242

Advertisements

A one-time net worth tax of 14.25% on people worth more than $10 million. Which he proposed would wipe out the national debt. Then the savings from not having to pay interest on that debt would be returned as a middle class tax cut.

Quote:
"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 predicts his debt elimination combined with his tax cuts would trigger a 35 to 40 percent boost in economic activity, with more business start-ups, more jobs, and more prosperity.
https://www.usatoday.com/story/opini...umn/826224002/
https://www.cnn.com/ALLPOLITICS/stor...ich/index.html

Last edited by notnamed; 09-25-2019 at 04:04 PM..
Reply With Quote Quick reply to this message

 
Old 09-25-2019, 03:57 PM
 
Location: Lakeside, CA
554 posts, read 81,348 times
Reputation: 429
No. No more taxes. Instead, wipe out most entitlement programs, trim the defense budget, foreign aid, etc, then let's talk about what's left.....
Reply With Quote Quick reply to this message
 
Old 09-25-2019, 03:58 PM
 
Location: Massachusetts
2,061 posts, read 3,866,216 times
Reputation: 3609
Sounds like a good idea - I certainly like the idea of cutting the debt substantially. I give this a snowball's chance in you-know-where.

For someone worth "just $10 million" this would be a tax of $1,425,000. While it's hard to feel terribly badly for someone worth $10 million, the probalem is that is not likely $10 million in liquid assets.
Reply With Quote Quick reply to this message
 
Old 09-25-2019, 04:01 PM
Status: "Agnostic leaning towards Islam" (set 21 hours ago)
 
Location: USA
20,391 posts, read 15,043,272 times
Reputation: 13098
Quote:
Originally Posted by Woody01 View Post
No. No more taxes. Instead, wipe out most entitlement programs, trim the defense budget, foreign aid, etc, then let's talk about what's left.....
Yes
Reply With Quote Quick reply to this message
 
Old 09-25-2019, 04:02 PM
Status: "Team Red = Team Blue" (set 4 days ago)
 
Location: SM
26,278 posts, read 10,139,805 times
Reputation: 10071
This is from 1999. Trump has changed his mind on what he just said 5 seconds ago.
Reply With Quote Quick reply to this message
 
Old 09-25-2019, 04:07 PM
 
8,017 posts, read 4,529,778 times
Reputation: 10242
Quote:
Originally Posted by No_Recess View Post
This is from 1999. Trump has changed his mind on what he just said 5 seconds ago.
I highly doubt someone of his age actually fundamentally changes his mind very often. Rather just playing the populist card and seeing what sticks. His NYC liberal elite roots still show.
Reply With Quote Quick reply to this message
 
Old 09-25-2019, 04:16 PM
 
685 posts, read 135,297 times
Reputation: 785
Trump thought it was a good idea 20 years ago.

We all change, hell I voted for Obama once.

Nothing wrong with getting wiser with age.
Reply With Quote Quick reply to this message
 
Old 09-25-2019, 04:17 PM
 
6,247 posts, read 1,689,084 times
Reputation: 3855
Only if mandatory spending cuts and federal program eliminations were put in place at the same time.
Reply With Quote Quick reply to this message
 
Old 09-25-2019, 04:32 PM
 
8,017 posts, read 4,529,778 times
Reputation: 10242
Of course there was something in it for them too.

Quote:
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.
They would recoup a one time 14.25% tax in little time. But eliminating the inheritance tax would be a boon to their families for generations on end.
Reply With Quote Quick reply to this message
 
Old 09-25-2019, 04:38 PM
 
Location: Jacksonville, FL
7,305 posts, read 7,936,542 times
Reputation: 5903
Quote:
Originally Posted by notnamed View Post
Of course there was something in it for them too.



They would recoup a one time 14.25% tax in little time. But eliminating the inheritance tax would be a boon to their families for generations on end.
Inheritance taxes need to go away, along with any other double taxation scheme.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Politics and Other Controversies
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top