A Quote by Donald Trump
Under my plan, I'll be reducing taxes tremendously, from 35 percent to 15 percent for companies, small and big businesses. That's going to be a job creator like we haven't seen since Ronald Reagan. It's going to be a beautiful thing to watch.
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We're going to start making things again in America. As part of our plan to bring back our jobs, we're going to lower our business tax from 35 percent to 15 tax, the biggest since Ronald Reagan.
First, the oil and gas business pays its fair share of taxes. Despite the current debate on energy taxes, few businesses pay more in taxes than oil and gas companies. The worldwide effective tax rate for our industry in 2010 was 40 percent. That's higher than the U.S. statutory rate of 35 percent and the rate for manufacturers of 26.5 percent.
The United States of American business pays the second-highest business taxes in the world, 35 percent. Ireland pays 11 percent. Now, if you're a business person, and you can locate any place in the world, then, obviously, if you go to the country where it's 11 percent tax versus 35 percent, you're going to be able to create jobs, increase your business, make more investment, et cetera. I want to cut that business tax. I want to cut it so that businesses will remain in the United States of America and create jobs.
Obama wants to take the individual small business tax to 44 percent, and the corporate rate - he says - down to 28 percent or whatever. But that really damages the small businesses. And it doesn't make us competitive. You got to take them both down to 20, because state and local corporate taxes are 5 percent.
We also need to reduce corporate tax rates. This applies to small, medium and large businesses. At 35 percent, we have the second highest corporate rates in the world. It restricts the growth of small enterprises that need to plow capital back into their businesses and forces companies and jobs to move overseas.
My tax plan will cut taxes for 95 percent of workers, because we need to put money back into the pockets of struggling middle-class families and close the egregious tax loopholes that have exploded over the last eight years. My plan eliminates capital gains taxes entirely for the small businesses and start-ups that are the backbone of our economy, as opposed to John McCain's plan, which would tax these businesses. John McCain is running to serve out a third Bush term. But the truth is, when it comes to taxes, that's not being fair to George Bush.
We going to have the biggest tax cut since Ronald Reagan, we're going to eliminate job-killing regulations which are a disaster, we are going to defend religious liberty.
My biggest worry is that Obama says he's going to tax the upper 5 percent by raising their taxes by 20 percent. But among that 5 percent are the corporations that are hiring middle-class Americans.
I think there's a growing number of pitchers who want to have a plan going into a game about how they're going to go after that lineup. I'd say 75 percent want to have an idea, and they plan their attack. I know that 75 percent of hitters do not have that same type of plan against a pitcher.
In America, we're being stripped of our jobs, our good jobs are really good down, and we've got to stop it. And the only way you're going to stop it, the nice way is, we're reducing taxes very substantially for companies so they're not going to have to leave because of taxes. We'll be reducing regulations. Now those are the nice ways of doing it and everyone loves it and everyone's happy. Businesses, way down. Also middle class, but way down, O.K., taxes and regulations.
We need a wealth tax that on a one-time basis is going to take back at least some small fraction of the great windfall that the upper 1 percent, or 5 percent and pay down the government debt, pay back the federal debt because we can't put this on the next generation or they're going to be buried paying taxes.
When Donald Trump was first elected, there was a lot of fear of a trade war. They listened to Trump's rhetoric on the campaign. Oh, we're going to put a 45 percent tariff on China, a 35 percent tariff on Mexico. We haven't seen any of that.
In fact, there is clear evidence of black intellectual superiority: in 1984, 92 percent of blacks voted to retire Ronald Reagan, compared to only 36 percent of whites.
If you're going to buy something which compounds for 30 years at 15% per annum and you pay one 35% tax at the very end, the way that works out is that after taxes, you keep 13.3% per annum. In contrast, if you bought the same investment, but had to pay taxes every year of 35% out of the 15% that you earned, then your return would be 15% minus 35% of 15%-or only 9.75% per year compounded. So the difference there is over 3.5%. And what 3.5% does to the numbers over long holding periods like 30 years is truly eye-opening.
[Obamacare] premiums are going up 60 percent, 70 percent, 80 percent. Next year they're going to go up over 100 percent. And I'm really glad that the premiums have started - at least the people see what's happening.
I don't think the market can keep going up. In the U.S., we see real estate not going up.. houses are selling at lower prices. You can't have anything going up 10 percent to 20 percent to 30 percent indefinitely.
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