Posted on 04/10/2011 9:14:28 PM PDT by mnehring
So Donald Trump wants to run for the Republican ticket, eh? He's going to have some trouble explaining this away.
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.
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The net worth tax is the cornerstone of Trump's 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 individual's 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.
Yeah, Trump is done. Newt's got some big problems with flip-floppage. That leaves Mittens, Palin, Bachmann, and TPaw. Oh, and Boss Hawg Barbour. It's going to be a very interesting Republican primary season.
After watching the ones who’ve reaped the rewards of Barney Frank, etc on Wall Street, the ones who got taxpayer dollars for Obama’s green scams and whatever...I’m inclined to like Trump’s plan. Jamie Gorelick and Franklin Raines out to give their entire bonuses back while Trump is at it. And that’s just a start.
Irritating to see Trump getting Palinized. Not that he’s perfect but he’s doing us a service.
Interesting what a half million people on NewsMax think:
http://www.newsmax.com/surveys/results/id/11?PROMO_CODE=BEEE-1
now that's funny . . . Forbes a conservative, bwahahahahaha
Sure doesn't seem to be the case in practice, considering that the rich live in our nations' highest-taxed areas which incidentally happen to be where America's biggest economic engines are located. I wonder if they'll even notice any more money missing, considering that they must be used to it already.
Or, you can show me a swank billionaire's mansion in the middle of a weed patch in Cricket Chirp, Mississippi and prove me wrong.
California raises taxes and loses business to other high tax states, not Wyoming or Missouri.
Where are they gonna go? Costa Rica? To stare down the gun barrels of Nicaraguan communists? Really now.
Great point. The Palin supporters are really going after Trump like they complain about the PDS’ers go after Palin. Maybe the real Palin Derangement Syndrome is the unflinching allegiance to Palins Presidential candidacy at all costs.
Palin came out in support of Trump, so did most of her supporters.
And here is the rest of his plan:
“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 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.”
Of course, one important caveat it that this would only work if the Federal government CUT SPENDING, or they would just re-create the debt.
Then you must admit that The Donald is very Liberal because Forbes is to the Right of him on almost every issues.
http://www.ontheissues.org/Steve_Forbes.htm
Donald has been mostly pro-abortion his life, Forbes has stood strong agasint it.
Donald is pro-progressive income taxes, Forbes is against it.
Donald is pro-gun control in many cases, Forbes is pro-second amendment.
Donald is pro-socialized health care, Forbes is against it.
So, if you think Forbes isn’t Conservative, what does that make The Donald?
But most of the stuff we yell at Romney about comes from 1994.
I see, so we tax that top 1% according to their ability and counter that to the other 99% according to their need? What happens when they realize that plan won’t work by just doing it to the top 1%? Maybe we move to the top 10% and take them according to their ability and give a cut to the 90% according to their need? When does it end?
Trump is done. For one thing, the math doesn’t work. For another, it’s standard class envy garbage.
To The Donald: Stick with pounding obastard...
Hell no, but we are in primary season now, not general season. Now is the time we fight for the candidate who best represents our values.
IF it gets down to the general election and those are the two names on the ticket, I’ll hold my nose and vote for Trump just as I did for McCain, but until that time comes, it is time to look for someone who actually is Conservative and not Bill Clinton on the issues with an R behind his name.
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No, lets stop funneling billions to muzzie countries who hate us and stop RESTORING MOSQUES*:
Obama is giving BILLIONS
http://creepingsharia.wordpress.com/2009/05/13/obamas-supplemental-bill-passes-gives-billions-to-enemies/
of U.S. taxpayer dollars to countries and entities that support Sharia law and/or harbor, hide and support those who want to destroy the U.S. and our allies.
Read the summary from David Obey’s office that was quietly released last week with nary a word from any media.
• $3.6 billion, matching the request, to expand and improve capabilities of the Afghan security forces
• $400 million, as requested, to build the counterinsurgency capabilities of the Pakistani security forces
• Afghanistan: $1.52 billion, $86 million above the request
• West Bank and Gaza: $665 million in bilateral economic, humanitarian, and security assistance for the West Bank and Gaza
• Jordan: $250 million, $250 million above the request, including $100 million for economic and $150 million for security assistance
• Egypt: $360 million, $310 million above the request, including $50 million for economic assistance, $50 million for border security, and $260 million for security assistance
• Pakistan: $1.9 billion, $591 million above the request
• Iraq: $968 million, $336 million above the request
• Oversight: $20 million, $13 million above the request, to expand oversight capacity of the State Department, USAID, and the Special Inspector General for Afghanistan to review programs in Afghanistan, Pakistan and Iraq
• Lebanon: $74 million
• International Food Assistance: $500 million, $200 million above the request, for PL 480 international food assistance to alleviate suffering during the global economic crisis
• Refugee Assistance: $343 million, $50 million above the request, …including humanitarian assistance for Gaza. Funding for the UN Relief and Works Agency programs in the West Bank and Gaza is limited to $119 million (Note: Gaza = Hamas)
• Disaster Assistance: $200 million to avert famines and provide life-saving assistance during natural disasters and for internally displaced people around the world, including Somalia, Zimbabwe, Ethiopia, the Middle East and South Asia
• Peacekeeping: $837 million for United Nations peacekeeping operations, including an expanded mission in the Democratic Republic of the Congo and a new mission in Chad and the Central African Republic
• Department of Justice: $17 million, matching the request, for counter-terrorism activities and to provide training and assistance for the Iraqi criminal justice system
The mainstream media remains silent on this but the International News has now picked up the story http://www.thenews.com.pk/top_story_detail.asp?Id=22164
— and then there is Obama’s $108 billion IMF bailout scheme http://michellemalkin.com/2009/05/13/obamas-100-billion-imf-bailout-scheme/
in addition to the Supplemental.
And THIS is what Obama is doing to American taxpayers:
THE BIGGEST TAX HIKE IN AMERICAN HISTORY:
http://www.atr.org/days-thebr-largest-tax-hikes-history-a5370
*Obama gives your tax dollars to rebuild Muslim mosques around the world
http://canadafreepress.com/index.php/article/26990#
According to the Associated Press,
THE OBAMA ADMINISTRATION WILL GIVE AWAY NEARLY $6 MILLION OF AMERICAN TAX DOLLARS TO RESTORE 63 HISTORIC AND CULTURAL SITES, INCLUDING ISLAMIC MOSQUES AND MINARETS, IN 55 NATIONS. See the State Department document here.
http://exchanges.state.gov/media/pdfs/office-of-policy-and-evaluations/ambassadors-fund/afcp2010list.pdf
MUSLIM SOB!!!!
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He’s talking a wealth tax?! Hmmm, I thought it was just another “tax the high earners = productive.” Should have read the article instead of skimming it.
May have to give this some thought because idle wealth is largely a virus that for some reason turns people into leftscum, esp third and later generation idle wealth.
To The Donald: Retarget this as taxing idle wealth (mostly leftscum), not productive wealth. If you lurk, email me at piytar@aol.com to discuss. (Like that will ever happen. LOL.)
Get with it! Huckabee is a RINO. Both Bushes are RINOs. Romney’s a RINO. Giuliani is a RINO. McCain is a RINO. Boehner is a RINO. Trump, who is on his umpteenth marriage, is an attempted eminent domain abuser, flip-flops more than John Kerry, and is making a fool of himself, is the prime example of conservative virtues.
And yes, I skimmed right over the bold text. Tiny print when viewed on a Blackberry...
“What happens when they realize that plan won’t work by just doing it to the top 1%?”
Excellent point. I think the key was that he meant it as a one-time thing, but I agree, with taxes things don’t work that way.
Just remember the Dem rich people, like Buffett and Soros want to tax all the rest of us, while they are taking advantage of every loophole.
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