Mar 09, 2016 10:31 PM GMT
Donald Trump Once Proposed The Largest Tax Hike In American History.
After announcing his campaign for President, Donald Trump wrote in his campaign book that he wanted to raise taxes by over $5 trillion – that’s trillion, with a T.
Donald Trump: “I would impose a one-time 14.25 percent tax on individuals…” raising “$5.7 trillion in new revenue.”(Donald Trump, The America We Deserve, print edition 2000, p. 170)
Trump’s Massive Tax Hike Would Have Been The Largest In History, By Far:
“Donald Trump takes a lot of flak for failing to offer specific policy proposals, but there was a time when he offered a very specific tax plan -- one that raised taxes on the wealthy so much it might have made Bernie Sanders blush. In classic Trump fashion, the plan was big and bold. If enacted, Trump’s plan would have been biggest tax hike, in total raw dollars, in history. In a word, it would have been huge.” (“Donald Trump Once Proposed The Biggest Tax Hike Ever,” ABC News, 8/6/15)
“‘It certainly would have been the biggest ever simply because of its sheer size -- it was trillions of dollars,’ said Roberton Williams, a fellow at the Tax Policy Center. However, ‘it’s a totally crazy idea...I don’t think anybody was taking it seriously -- it was Donald Trump being Donald Trump.’” (Amy Sherman, “Did Donald Trump Propose The Biggest Tax Hike In American History As Jeb Bush Says?” Politifact Florida, 9/2/15)
“‘The Bush 1990 hike and Clinton 1993 hike were less than 1 percent of GDP over 5 years - whereas Trump’s tax would have been 59 percent one time in one year,’ Edwards said.” (Politifact Florida, 9/2/15)