Trump Proposed $5.7 Trillion Tax

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Billionaire Donald Trump proposed in 1999 a one-time 14.25 percent net worth tax on individuals and trusts worth $10 million or more that would have raised $5.7 trillion.

“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.”

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Eliminating the national debt would have saved the federal government $200 billion a year in interest payments, half of which could go for middle class tax cuts and the other half for Social Security. At the time, Trump said depositing $100 billion annually in the Social Security trust fund would generate $3 trillion over the next 30 years, keeping the fund solvent through the next century.

Trump is not talking about taxes now, but he has latched on to the notion that Barack Obama is not an American. Obama was born in Hawaii in August 1961, but false allegations that he was born in Kenya have been circulated among the fringe since 2008. Those claims have been thoroughly debunked.

Still, the rumor is popular among certain right-wing groups, so Trump has embraced the idea as part of his quest for the GOP presidential nomination in 2012.


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