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.
“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.
“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.
From Crooks and Liars
I liked this idea at the time but I’m sure it wouldn’t work as well as one might hope. Taking 5.7 trillion in debt off the market would be chaotic to say the least.