Green Room

Political candidate for 2012 suggests soaking the rich

posted at 10:25 am on April 13, 2011 by

Who suggested the following?

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, they’re taxed again. It’s 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-wroth tax would be offset by repeal of the 55% inheritance-tax liability.

Well, it’s the same person who said this:

I’m a conservative on most issues but a liberal on health. It is an unacceptable but accurate fact that the number of uninsured Americans has risen to 42 million. Working out detailed plans will take time. But the goal should be clear: Our people are our greatest asset. We must take care of our own. We must have universal healthcare.

Our objective [should be] to make reforms for the moment and, longer term, to find an equivalent of the single-payer plan that is affordable, well-administered, and provides freedom of choice. Possible? The good news is, yes. There is already a system in place-the Federal Employees Health Benefits Program-that can act as a guide for all healthcare reform. It operates through a centralized agency that offers considerable range of choice. While this is a government program, it is also very much market-based. It allows 620 private insurance companies to compete for this market. Once a year participants can choose from plans which vary in benefits and costs.

And this:

I generally oppose gun control, but I support the ban on assault weapons and I support a slightly longer waiting period to purchase a gun. With today’s Internet technology we should be able to tell within 72-hours if a potential gun owner has a record.

All of these things were uttered by the same man. A man who, like Chris Christie, some conservatives are jumping for joy over, without knowing, as Paul Harvey would say, the rest of the story.

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But MadCon, Trump is a conservative now? ////

Nice find and thanks for posting.

chief on April 13, 2011 at 10:39 AM

I sure don’t have a warm and fuzzy feeling about ‘the donald’!
L

letget on April 13, 2011 at 10:42 AM

Now let’s hear some of the Trump fans who tried to insist he’s a real conservative yesterday defend this now.

Come on, I dare ya.

Brian1972 on April 13, 2011 at 11:17 AM

I guess after years of hanging out with liberals who think all fat, old, white, rich men are Republicans and all Republicans are fat, old, white, rich men, he looked in the mirror and thought he was one.

sammypants on April 13, 2011 at 11:18 AM

I’m out. Trump can go to hell.

fossten on April 13, 2011 at 11:31 AM

The Donald is completely driven by experience. If he has the right experiences, he’ll have the right policies. But then again if he craps his pants, we’ll all be mandated to wear diapers.

lm10001 on April 13, 2011 at 11:35 AM

Good show MC.

alwaysfiredup on April 13, 2011 at 11:47 AM

What’s really interesting is how much that 14.25% figure would have to be increased to work today. What are we talking? 35%? 40%?

MadisonConservative on April 13, 2011 at 12:00 PM

Preach it, brother.

I’m also fairly certain he was for gay marriage before he was(ever so conveniently)against it. That is, he might have said it off the cuff on Celebrity Apprentice…um. Not like I watch that show, of course. *whistles innocently*

Bee on April 13, 2011 at 12:05 PM

What’s really interesting is how much that 14.25% figure would have to be increased to work today. What are we talking? 35%? 40%?

MadisonConservative on April 13, 2011 at 12:00 PM

I would impose a one-time,

Watch that morph into a “Temporary Tax” and then into a Permanent tax when the government enters a crisis mode with the possible expiration of the “Temporary Tax”

The big question is, what will be changed first – the one time to “Temporary” or the amount?

Chip on April 13, 2011 at 12:36 PM

Trump doesn’t really get the whole “rights” thing, does he?

Count to 10 on April 13, 2011 at 1:23 PM

Bee on April 13, 2011 at 12:05 PM

How can anyone not want to watch Meat Loaf scream at Gary Busey, or see musical duets between Lil John and John Rich? The women are toast because they’re so boring by comparison.

[End OT]

alwaysfiredup on April 13, 2011 at 3:38 PM

All of this and more will come out during the primaries.

lexhamfox on April 13, 2011 at 8:13 PM

alwaysfiredup on April 13, 2011 at 3:38 PM

…you watch it? You’d better not be teasing me. ;)

Seriously though, that fight was epic. And please God, it is TIME to dump Busey. He does act like a total loon on tasks and turns the “sane” switch on solely for the boardroom. Agreed about the girls, too. Although I am a Marlee Matlin fan and have kind of liked NeNe more lately.

Anyway. Apologies to MC for discussing a reality tv show *gasp*horror* here.

Bee on April 13, 2011 at 8:41 PM

Political candidate for 2012 suggests soaking the rich

Nice post MC. You have shined a light on the fact Trump was against his ‘very conservative’ nature before he was for it.

A man who, like Chris Christie, some conservatives are jumping for joy over, without knowing, as Paul Harvey would say, the rest of the story.

Enjoyed the reference to Paul Harvey, he is sorely missed.

rukiddingme on April 14, 2011 at 10:08 AM

My guess: Trump & someone (maybe Clinton) are playing games. See if they can pull Tea Party types from GOP, get past PC to smear Øbama, stir up some dust.

Trump is probably enjoying himself. Since there’s nothing we can do about his grandstanding anyway, and the odds of him being nominated are microscopic, we might as well enjoy it too.

jodetoad on April 14, 2011 at 5:35 PM

Did you hear? Palin is coming to our Tea Party Tax rally on Saturday in Madison. I think it is going to be insane.

sammypants on April 14, 2011 at 6:48 PM

Well, that just sealed it for me. I was entertained by Trump’s antics, but that guy doesn’t have any business being the CinC.

Dominion on April 14, 2011 at 7:54 PM

Did you hear? Palin is coming to our Tea Party Tax rally on Saturday in Madison. I think it is going to be insane.

sammypants on April 14, 2011 at 6:48 PM

And of course, it’s my fiancee’s birthday tomorrow and I’m incredibly busy.

…though it might be worth it if I could somehow get a picture with her, you know, being a “Palin hater” and all.

MadisonConservative on April 14, 2011 at 9:40 PM

Political candidate for 2012 suggests soaking the rich violating the 2nd Amendment

FIFY, since a 14.5% one-time tax is prefereable to the 55% inheritance tax he’d eliminate. Seriously, how is the 40% drop in their taxes soaking the rich?!??

Miss_Anthrope on April 15, 2011 at 11:59 AM

prefereable preferable

Miss_Anthrope on April 15, 2011 at 12:00 PM

My guess: Trump & someone (maybe Clinton) are playing games. See if they can pull Tea Party types from GOP, get past PC to smear Øbama, stir up some dust.

Trump is probably enjoying himself. Since there’s nothing we can do about his grandstanding anyway, and the odds of him being nominated are microscopic, we might as well enjoy it too.

jodetoad on April 14, 2011 at 5:35 PM

You know Trump’s been a DEMOCRAT most (if not all) of his life, right?

You also know he donated to Rahm’s mayoral campaign, yes?

You are onto something, more than you know…

And yes, it is JUST like Perot (who was also a DEM. or at least a Progressive…I lived in Dallas & saw his crap first-hand).

Miss_Anthrope on April 15, 2011 at 12:03 PM

FIFY, since a 14.5% one-time tax is prefereable to the 55% inheritance tax he’d eliminate. Seriously, how is the 40% drop in their taxes soaking the rich?!??

Miss_Anthrope on April 15, 2011 at 11:59 AM

You’re kidding, right? He would seize 15% of their net worth. You’re actually in favor of a president proposing such an initiative, regardless of whatever qualifiers he does or doesn’t follow through on?

MadisonConservative on April 15, 2011 at 12:25 PM

FIFY, since a 14.5% one-time tax is prefereable to the 55% inheritance tax he’d eliminate. Seriously, how is the 40% drop in their taxes soaking the rich?!??

Miss_Anthrope on April 15, 2011 at 11:59 AM

Oh, and let’s not forget that if he tried a similar initiative today…we’re talking easily 35-40% of their net worth. How do you think they’ll like that?

MadisonConservative on April 15, 2011 at 12:36 PM