A Quote by Donald Trump
Donald Trump has said that his 15 percent rate would apply to all businesses. And if that's the case, billionaire real estate magnets will get a very big tax cut.
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In 2010 the U.S. will have a payroll tax rate increase, an estate tax increase, and income tax increases. There's also a tax increase coming in 2010 on carried interest. This rate will rise from its current level of 15 percent to 35 percent, and then it will rise again in 2011.
A big chunk of [Donald] Trump's tax cut would go to businesses.
Donald Trump has been both a peculiar and characteristic American figure for more than three decades. Inheriting a small New York real-estate development company from his father, he parlayed it not so much into a big real-estate company, but himself into a fantasy of a big real-estate developer.
Whenever I'm asked if the Trump tax cut is for the rich, I say yes. It is a tax cut for the rich. It is a tax cut for the middle class. It is a tax cut for small businesses. It is a tax cut for the Fortune 100.
Under my plan, 85 percent of America will pay no tax or have a flat tax at our lowest rate of 15 percent.
Donald Trump is a master salesman. And he creates his own reality. So if he tells you, "This is a middle-class tax cut, and I, Donald Trump, won't benefit," he expects you to believe that. It doesn't matter that it's not true. It's he said it, you're supposed to believe it. And that's how he's run his entire administration. If he says it, that makes it true.
Thing we're trying to add to this is that lower corporate tax rates as we try and spur the economy. So that's where the Donald Trump attention is. The president's attention is on the middle class, making sure that's simple, fair and better. And then on the corporate tax rate, to try and get folks to invest in America again. His focus has not been on the impact on the top 1 percent.
What people really haven't thought about with real estate is, if you get tax reform, you're going to see real estate now... the velocity of selling and buying real estate will just kick.
Donald Trump said that if President Obama releases his birth certificate, Trump will release his tax return. Obama said he won't run for a second term if Trump releases that thing on his head.
If you're a full-time manager of your own property - and full-time, according to Congress, is 15 hours a week - you can take unlimited depreciation and use it to offset your income from other areas and pay little in tax. One of the biggest real estate tax lawyers in New York said to me, if you're a major real estate family and you're paying income taxes, you should sue your tax lawyer for malpractice.
Donald Trump wants to dramatically reduce America's corporate tax rate (to 15%) and thereby unleash economic growth. Hillary Clinton hasn't said a word about lowering corporate tax rates. Being a Fedzillacrat, you don't need to be an economic soothsayer to know that she supports taxing the producers and further strangling America's anemic economy.
The income tax only taxed the Rockefellers, the Morgans and the Vanderbilts. It was aimed at the top 4 percent, and the top rate then in 1913, was 7 percent. Woodrow Wilson had a big ceremony and said, "I'm delighted to be president at the creation of this popular new tax."
If top marginal income tax rates are set too high, they discourage productive economic activity. In the limit, a top marginal income tax rate of 100 percent would mean that taxpayers would gain nothing from working harder or investing more. In contrast, a higher top marginal rate on consumption would actually encourage savings and investment. A top marginal consumption tax rate of 100 percent would simply mean that if a wealthy family spent an extra dollar, it would also owe an additional dollar of tax.
In the case of the tip rule, Donald Trump has delivered a huge gift to the owners of big chain restaurants, for whom getting their hands on workers' tips has been a holy grail for a very long time. In Donald Trump, they finally found a president who will do their bidding.
We need to even out the tax code for small businesses so that we lower their tax rate to 25 percent, just as we need to lower it for all businesses.
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.
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