Donald Trump: Tax Pay Off National Debt

Posted by admin on Wednesday, February 8, 2017

Donald Trump Money Quote saying in a 1999 interview that he proposes a tax on wealthy individuals with net worth over 10 million to pay off the national debt. Donald Trump said:
 

 

“Well, basically, this would be a one-time tax, 14.25 percent against people with a net worth of over 10 million, It would pay off in its entirety the national debt of $5.7 trillion, and you’d save $200 billion a year” — Donald Trump

 

 

This quote from Donald Trump proposes a one-time 14.25% tax on individuals with a net worth over $10 million that he claims could eliminate the entire US national debt of $5.7 trillion. While reducing debt is an understandable goal, some key considerations in interpreting this quote are:

• A wealth tax of this magnitude would be unprecedented and likely face legal challenges.
• It oversimplifies the complexities of the national budget and debt. Eliminating debt is an ongoing process, not a one-time fix.
• It focuses solely on revenue and ignores the impact such a large tax could have on wealth holders and the overall economy.
• The estimates of revenue and debt payoff may be optimistic and need to be evaluated by nonpartisan analysts.

Overall, while the quote expresses the objective of tackling debt, a balanced interpretation would examine both the potential merits of the proposal as well as skepticism around its feasibility as presented and implications if implemented in the manner described.

 
The national debt was only at $0 one time in history, beginning January 8, 1835 when President Andrew Jackson was able to keep the debt at zero for about a year.

Categories: debt, taxes Tagged:debtdonald trumpmilliontaxtrillionworth