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Presidential Debate Highlights | Trump, Clinton Defend Tax Plans

May 30, 2021
and I want to talk about taxes, the fundamental difference between the two of you concerns the rich Secretary Clinton, you are calling for a tax increase on the wealthiest Americans. I would like you to

defend

that even more in the case of mr. Trump, you are calling for tax cuts for the rich. I would like you to

defend

him and the next two minute response is for you, sir. Well, I'm really asking for meaningful jobs because the rich are going to create tremendous jobs, they're going to expand their companies, they're going to do tremendous work. I'm getting rid of the carried interest provision and if you really look at it's not a tax it's really not a big thing for the rich it's a big thing for the middle class it's a big thing for businesses to expand and when these people are going to invest billions of dollars in companies and when are they going to bring two and a half billion dollars from abroad, where they cannot bring the money because politicians like Secretary Clinton do not allow them to bring the money because the taxes are very onerous and the bureaucracy bureaucratic, so what is that? bad so what they are doing is leaving our country and believe it or not, they are leaving because the taxes are too high and because some of them have a lot of money outside our country and instead of bringing it back and putting the money to work because they can't come to an agreement and they all agree that it should be brought back instead of them leaving our country to get their money back because they can't bring it back to our country because of the bureaucratic red tape because they can't meet because we have a setup, we have a president who can't sit them around the table and get them to pass something and here's what Republicans and Democrats agree that this should be done two and a half trillion.
presidential debate highlights trump clinton defend tax plans
To think it's twice as much, probably five trillion dollars that we can't bring into our country, Lester, and with a little leadership, you would get it here very quickly and it could be used in urban centers and many other things. It would be nice, but we have no leadership and, honestly, that starts with Secretary Clinton. Alright, she has two minutes for the same question to defend tax increases on the wealthiest Americans. Secretary Clinton. I have a feeling that by the end of this afternoon I'll be They're going to blame me for everything that's happened why not, yeah, you know, I just joined the

debate

saying more crazy things.
presidential debate highlights trump clinton defend tax plans

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presidential debate highlights trump clinton defend tax plans...

Now let me tell you, there is nothing crazy about not allowing our companies to put their money back into this. This is a secretary. Two minutes of Clinton, please, yes, well, let's start the clock again. Lester, we have analyzed your tax proposals. I don't see any changes to corporate tax rates or the types of proposals you're referring to that would trigger repatriation and return of money. that is stranded abroad. It turns out that you didn't support it in a way that would actually work to our benefit, but when I look at what you've proposed, you have what's now called that Trump loophole because that's what it would be. advantage to you and the business you do, he has proposed an approach first, as if our decisions are strictly beneficial to your family and when you look closely, Mike, how much is in my diary, it is true, as I said, surpassed. up, drip, drip, it didn't work, it got us into the mess we were in in 2008, nine, cutting taxes on the rich hasn't worked, and a lot of really smart, rich people know it and say, "hey, we ".
presidential debate highlights trump clinton defend tax plans
We need to do more to make the contributions we should make to rebuilding the middle class. I don't think the top-down approach works in the United States. I think building the middle class invests in the middle class and makes college debt-free so more young people can get into it. your education helping people refinance their college debt at a lower rate those are the kinds of things that will really boost the economy broad-based inclusive growth is what we need in America, not more advantages for people in the highest, mr. Trump, what is the goal? political all talk no action sounds good it doesn't work it will never happen our country is suffering because people like Secretary Clinton have made bad decisions in terms of our jobs and in terms of what is happening now look, we have the worst revival of an economy since the Great Depression and believe me, we are in a bubble right now and the only thing that looks good is the stock market, but if they raise interest rates even a little bit that will collapse, we are in a big, fat bubble and ugly and we better be very careful and we have a Federal Reserve that is doing political things, this Janet Yellen of the Federal Reserve, the Federal Reserve is doing politics by keeping interest rates at this level and believe me the day Obama go and go. and you go to the golf course for the rest of your life to play golf, when interest rates go up, you're going to see very bad things happen because the Fed is not doing its job, the Fed is being more political than Secretary Clinton.
presidential debate highlights trump clinton defend tax plans
Sir. Trump, we're talking about the burden Americans have to pay, but you haven't released your tax returns and the reason nominees have released their returns for decades is so voters will know if their potential president owes them money. who you know you are and any trade conflict, don't Americans have the right to know if there is a conflict of interest? I don't mind publishing it. I am under a routine audit and it will be posted and as soon as the orders are finalized it will be posted. but you will learn more about Donald Trump by going to the federal election where I filed a 104 page essentially financial statement, the forms that they have show income, in fact, the income that I just looked at today, the income is presented in six hundred and ninety and four million dollars last year six hundred and ninety-four million if they told me I was going to make that fifteen or twenty years ago I would have been very surprised but that is the kind of thinking that our country needs when we have a country that is doing so poorly that is being ripped off by every country in the world is the kind of thinking our country needs because we all Lester have a trade deficit with every country we do business with of almost eight hundred billion dollars a year you know, that means who is negotiating these business deals, we have people, political hackers negotiating our business IRS is an audit of your taxes, you are perfectly free to release your taxes during an audit, so the question outweighs the public's right to know .
Well, personally, I told you that I will publish them as soon as the audit appears. I have been under audit for almost 15 years. I know many rich people who have never been audited. I said they order you. I get audited almost every year. and in a way I should complain I'm not even complaining I don't care, it's almost become a way of life. The IRS audits me, but other people don't. I will say this: we have a situation in this country. That has to be addressed. I will release my tax returns against my attorney's wishes when she releases the 33,000 emails of hers that have been deleted as soon as she releases them.
I will publish. I will publish my tax returns and that goes against my lawyers, they say don. Don't do it, I will tell you this, no, in fact, I watch shows, I read the newspapers, almost all laws say that you do not publish your statements until the audits are completed, when the orders are completed, I will do it, but I would go against of them if she publishes them. she then is negotiable is not negotiable now let her release even why she eliminated 33,000. I'll let her ask that but let me add Mohnish, the audience once again.
There was an agreement. We asked you to remain silent so that it would be so. be helpful to us Secretary Clinton, well I think you just saw another example of bait and switch here for 40 years, everyone running for president has released their tax returns. You can go and look at almost, I think, 39 40 years of our tax returns, but all. she has done it, we know the IRS has made it clear that there is no prohibition on publishing it when you are under audit, so you have to wonder why she doesn't publish her tax returns and I think there may be a couple of reasons.
First, maybe he's not as rich as he claims to be. Second, maybe he's not as charitable as he claims to be. Third, we don't know all of his dealings, but we've been told through investigative reports that he owes Wall around $50 million. Street banks and foreigners or maybe you don't want the American people you're all watching tonight to know that they haven't paid anything in federal taxes because the only years anyone has ever seen were a couple of years where they had to turn them over to the state . authorities when he was trying to get a casino license and they showed that he didn't pay any federal income tax, which makes me feel zero, that means zero for troops, zero for veterans, zero for schools or healthcare, and I think he's probably not that enthusiastic. about the rest of our country seeing what the real reasons are because it must be something really important, even terrible, that they are trying to hide and in the financial disclosure statement they don't give you the tax rate, they don't give you all the details. that the tax returns would and it seems to me that this is something that the American people deserve to see and I have no reason to believe that he will ever release his tax returns because there is something that he is hiding and we assume that we will.
He's still guessing what he might be hiding, but I think the question is where will he ever get close to the White House, what would those conflicts be, who does he owe money to, well, he owes you the answers to that and he should provide them to you. He also raised the issue of your emails. Do you want to respond to that? I know. You know I made a mistake using a private email which is efficient and if I had to do it again I would obviously do it differently but I'm. I'm not going to make any excuses, it was a mistake and I take responsibility for that, mr.
Trump, that was more than a mistake that was made on purpose. Well, that wasn't a mistake that was made on purpose when you have your staff taking the Fifth Amendment so they don't get prosecuted when you have the guy who set up the illegal server. taking the fifth, I think it's embarrassing and believe me, this country thinks it's that great and really thinks it's embarrassing, also when it comes to my tax returns, you don't learn much from tax returns, I can tell you, You learn a lot from financial disclosure. and you should go down and take a look at that.
The other thing is that I'm very underleveraged, the report said six hundred and fifty, which by the way, a lot of friends of mine who know my business, a guy that's actually not a lot of money. It's not a lot of money relative to the ROI of the buildings that were questioned, they said in the same report, which actually wasn't even a bad story to be honest, but the buildings are worth three point nine thousand. million dollars and six. One hundred and fifty isn't even in that, but it's not six hundred and fifty, it's a lot less than that, but I could give you a list of banks.
If that would help you, I would give you a list of banks. These are very good institutions. very good banks. I could do it very quickly. I am very leveraged. I have a big company. I have a tremendous income. And the reason I say this is not in a boastful way, it is because it is time for this country to have someone to lead it. an idea about money when we have 20 trillion dollars in debt and our country is a mess, you know, it's one thing to have 20 trillion in debt and our roads are good and our bridges are good and everything is in good shape our airports are like from a third world country, you land in LaGuardia, you land in Kennedy, you land in LAX, you land in Newark and you arrive from Dubai and Qatar and you see this incredible, you arrive from China, you see these incredible airports and you land in what we have become. a third world country so the worst of all things has happened: we owe 20 trillion dollars and we are a disaster that we haven't even started and we have spent six trillion dollars in the Middle East according to a report that I just saw if they are six or five but it seems like six six trillion dollars in the Middle East we could have rebuilt our country twice and it is really a shame and it is politicians like Secretary Clinton who have caused this problem our country has tremendous problems we are a debtor nation , we are a serious debtor nation and we have a country that needs new roads, new tunnels, new bridges, new airports, new schools, new hospitals and we don't have the money because you have backed away from many of your ideas, what is your response?
I haven't paid any federal income tax for many years and the other thing I think is important would be a waste if you believed me if your primary claim to be present in the United States is your business then I think we should talk about that. you know his campaign manager said he built a lotbusinesses at the expense of small businesses and, in fact, I have met many of the people who were deceived by you and your businesses, Donald. I have met dishwashers, painters, architects, glass installers, marble installers, curtains. installers like my dad were the ones you refused to pay when they finished the job you asked them to do.
We have an architect in the audience who designed one of their clubhouses on one of their golf courses. It's a beautiful facility that he took to immediately. use and you wouldn't pay what the man needed to get paid what he charged, maybe he didn't do a good job and I wasn't satisfied with his work. I thought what kundan you do to thousands of people you have hardened by the course of your business doesn't deserve some kind of apology from someone who took their job, took the goods they produced and then refused to pay for it. I can only say that I am certainly relieved that my late father never did business with you, he provided a good middle class life for us, but the people he worked for expected both parties to honor the deal and when we talk about your business, You have declared bankruptcy six times, there are many great businessmen who have never gone bankrupt once you call yourself the king of death you talk about leverage you even at one point suggested that you would try to negotiate the national debt of the United States well, sometimes there's not a direct transfer of skills from business to government, but sometimes what happened in business would be really bad for government, that's what yeah, I think it's there.
I do things about it. They're all words, they're all sound bytes. I built an incredible company. Some of the greatest assets in the world. Real estate assets anywhere in the world. Beyond the United States and Europe, in many different places, it is an incredible undertaking, but sometimes four times we use certain laws that exist and when Secretary Clinton talks about people who were not paid, first of all, yes They were paid a lot, but by taking advantage of the laws of the nation, if you want to change the laws, you have been there a long time, change the laws, but I take advantage of the laws of the nation because I am running a company, my obligation right now is to do it well for me, my family, my employees, for my companies and that's what I do, but what she doesn't say is the tens of thousands of people who are incredibly happy and who love me.
I'll give you an example that we're just opening up to. Pennsylvania Avenue is right next to the White House, so if I don't get there one way, I'll get to Pennsylvania Avenue the other, but we're going to open the old post office under budget ahead of schedule, I'll save a ton money. I'm one year away. ahead of schedule and that's what this country should be doing, we built roads and they cost two, three and four times what they were supposed to cost, we buy products for our military and they have two costs that are way above what what were they.
It's supposed to be because we don't have people who know what they're doing when we look at the budget. The budget is bad largely because we have people who have no idea what to do and how to buy Trump. International is way under budget and way ahead of schedule and we should be able to do it in our pocket, we are way behind schedule.

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