|
Donald Trump on Budget & Economy
2000 Reform Primary Challenger for President
|
Prepare for upcoming crash, bigger than 1929
I hope I’m wrong, but I think we may be facing an economic crash like we’ve never seen before -probably sooner rather than later. The next president could be in office for a stock market crash worse than the one in 1929.
I’m not saying this crash will ruin us, but we have to anticipate it and know how to rebound. Right now I’m not seeing the leadership we’re going to need.
Source: The America We Deserve, by Donald Trump, p. 26
, Jul 2, 2000
Optimistic about future of Atlantic City
A fact that’s gotten lost in all of the adverse publicity I encountered in 1990 is that, on the whole, my Atlantic City ventures have been extremely successful. Despite those tough times, I remain extremely optimistic about Atlantic City, and I’ll tell
you why. If the town can draw tens of millions of people and generate many billion in revenues and tax dollars at a time when there is so much about the area that seems designed to keep people out, think of what will happen when improvements are made.
It’s easy for people who’ve never been there to forget that crowds of people continue to pour in, by bus, by car, by helicopter, from almost everywhere east of the Mississippi. The maddening thing is that there’s really no excuse for the way the town
has developed. Atlantic City represents a unique situation; it is like no other town in America. In most places you’ll find ideas but not enough money to carry them out. In Atlantic City there is plenty of money, but there are almost no ideas.
Source: Surviving at the Top, p.164-66
, Jul 2, 1990
Rent control only benefits a privileged minority
At 100 Central Park South, many tenants were fighting to protect the ultimate in New York real estate: beautiful apartments with great views-at an unbeatable location. Most important, with rent control and rent stabilization, they were enjoying one of
the great windfall subsidies in the free world. Rent control is a disaster for all but the privileged minority who are protected by it. As much as any other single factor, rent control is responsible for the desperate housing crisis that has plagued
NYC for the past 20 years. Like a lot of failed government programs, rent control grew out of a decent idea that ended up achieving exactly the opposite of its intended effect.
Unlike most developers, I don’t advocate eliminating rent control.
I just think there ought to be a means test for anyone living in a rent-controlled apartment. People with incomes above a certain sum would be given a choice between paying a proportionally higher rent for their apartment or moving somewhere else.
Source: The Art of the Deal, by Donald Trump, p.167-69
, Jul 2, 1987
One-time 14.25% tax on wealth, to erase national debt
Trump wants to soak the rich, including himself. He proposed a 14.25% tax yesterday on the net worth of wealthy Americans. He said the one-time tax package would:- Raise $5.7 trillion to erase the nation’s debt and save
$200 billion in annual interest payments
- Use the savings to save Social Security and slash taxes for the middle class
- Increase his personal tax bill by at least $725 million.
Source: (X-ref Tax Reform) Boston Globe, p. A19
, Nov 10, 1999
Predicts 35% boost to economy from eliminating national debt
Financial analysts said that Trump’s proposed tax on assets over $10 million could be a financial disaster, pricking the stock market bubble or risking capital flight out of the country. Trump dismissed the
doom-and-gloom scenarios. “It would not be a shock to the system,” he said, predicting a 35% boost in economic activity after he eliminates the debt, cuts income taxes and erases the inheritance tax.
Source: Boston Globe, p. A19
, Nov 10, 1999
Page last updated: May 31, 2012