The America We Deserve: on Tax Reform


Repeal the inheritance tax to offset one-time wealth tax

I would impose a one-time, 14.25% tax on individuals and trusts with a net worth over $10 million. For individuals, net worth would be calculated minus the value of their principal residence. That would raise $5.7 trillion in new revenue, which we would use to pay off the entire national debt [and shore up the Social Security Trust Fund].

My proposal would also allow us to entirely repeal the 55% federal inheritance tax. The inheritance tax is a particularly lousy tax because it can often be a double tax. If you put the money into trust for your children, you pay the inheritance tax upon your death. When the trust matures and your children go to use it, theyíre taxed again. Itís the worst.

Some will say that my plan is unfair to the extremely wealthy. I say it is only reasonable to shift the burden to those most able to pay. The wealthy actually would not suffer severe repercussions. The 14.25% net-worth tax would be offset by repeal of the 55% inheritance-tax liability.

Source: The America We Deserve, by Donald Trump, p.170-74 Jul 2, 2000

Simplify tax code; end marriage penalty & other hidden taxes

Source: The America We Deserve, by Donald Trump, p.183-84 Jul 2, 2000

Opposes flat tax; benefits wealthy too much

Source: The America We Deserve, by Donald Trump, p.186 Jul 2, 2000

  • The above quotations are from The America We Deserve, by Donald Trump.
  • Click here for definitions & background information on Tax Reform.
  • Click here for other issues (main summary page).
  • Click here for more quotes by Donald Trump on Tax Reform.
2012 Presidential contenders on Tax Reform:
  Democrats:
Pres.Barack Obama(IL)
V.P.Joe Biden(DE)

Republicans:
Gov.Mitt Romney(MA)
Rep.Paul Ryan(WI)
Third Parties:
Green: Dr.Jill Stein(MA)
Libertarian: Gov.Gary Johnson(NM)
Justice: Mayor Rocky Anderson(UT)
Constitution: Rep.Virgil Goode(VA)
Peace+Freedom: Roseanne Barr(HI)
Reform Party: André Barnett(NY)
AmericansElect: Gov.Buddy Roemer(LA)
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Page last updated: Apr 16, 2013