Businessman, television personality and author
Born: June 14th, 1946  (age 71)

Trump on Taxes

Trump supports raising taxes on the very wealthy – arguing that the current tax code requires them to pay very little if anything at all – and lowering taxes on the middle class.

DONALD TRUMP: ”I would say that the hedge fund people make a lot of money and they pay very little tax. I'm about the middle class. I want the middle class to be thriving again. We're losing our middle class…”

INTERVIEWER: “So change the tax code?”

TRUMP: “I would change it, I would simplify it, I would...”

INTERVIEWER: “But in this respect, you want to tax carried interest in the same way as ordinary income is taxed.”

TRUMP: “I would take carried interest out and I would let people that are making hundreds of millions of dollars a year pay some tax. Because right now they're paying very little tax and I think it's outrageous. I want to lower taxes for the middle class. I want to lower taxes for people that are making a lot of money, that need incentives.”

INTERVIEWER: “So that would affect not just hedge fund people, that would also affect people in limited real estate partnerships, of which you are in a fair number.”

TRUMP: “I'm okay. I'm okay.”

INTERVIEWER: “So you're proposing that you would like to raise taxes on yourself.”

TRUMP: “That's right. That's right. I'm okay with it. I'm, you know, ready willing and – I mean, you see my statements, I mean I do very well. I don't mind paying some tax. The middle class is getting clobbered in this country. You know, the middle class built this country, not the hedge fund guys. But, I know people in hedge funds, they pay almost nothing. And it's ridiculous. Okay?”

28 August, 2015: Trump is interviewed for Bloomberg News

Trump believes the current tax code is needlessly complex, and is in favor of simplifying it. He also specifically rejects the notion of a flat tax.

DONALD TRUMP: “Here's what I want to do: I want to simplify the tax code. I want to cut taxes, but I want to simplify the tax code. I want to make it great for the middle class. The middle class is being killed. I want to put H&R Block – it's an ambition of mine to put H&R Block out of business. When a person has a simple tax return – they have a job, and they can't even figure out when they look at this complicated form, they can't figure out what to pay. And you know what, I have guys, that are friends of mine, they make a fortune, they're hedge fund guys, they move around paper – look, at least, I build things, I put people to – these guys move around paper. And half the time it's luck more than talent, okay? They pay peanuts. Okay? I want to make it so the middle class – I want to lower taxes, but I want to make it so the middle class benefits.”

SEAN HANNITY: “Do you believe in supply-side economics inasmuch as you reduce taxes on everybody, including the wealthy, and that a rising tide lifts all boats?”

TRUMP: “I don't fully believe in it, but there is something to it. I don't fully, you know, I've studied it...”

HANNITY: “But you don't want a flat tax, you have said that.”

TRUMP: “I don't like when everybody's paying the same.”

HANNITY: “Do you like a Fair Tax?”

TRUMP: “If I make a billion dollars and somebody else is making a hundred, and he's paying ten dollars, and I'm paying – to me, I don't know. I like somewhat of a graduation. What you have now is a system that is too complicated. The easiest thing to do is make that system uncomplicated, and make it really good. Make it really good.”

12 August, 2015: Trump is interviewed by FOX News (03:39 – 05:00)
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Former U.S. Secretary of State, U.S. Senator and First Lady
Born: October 26th, 1947  (age 69)

Clinton on Taxes

Clinton has laid out a comprehensive proposal for capital gains tax reform, in order to discourage the short-term speculation mentality she terms “quarterly capitalism” and encourage long-term investments.

“First I'm proposing a reform of taxes on capital gains – the profits earned by the sale of stock and other assets - to promote and reward far-sighted investments. The current definition of a 'long-term holding period' – just one year – is woefully inadequate.

(13:17 – 14:29)
That may count as 'long-term' for my baby granddaughter, but not for the American economy. It's no way to run a tax system. So as president, I would move to a six-year sliding scale that provides real incentives for long-term investments. For taxpayers in the top bracket – families earning more than $465,000 a year, any gains from selling stock in the first two years would be taxed just like ordinary income. Then the rate would decrease each year until it returns to the current rate. This means that from the moment investors buy into a company, they'll be more focused on its future growth strategy than its immediate profits, and so will some executives who are paid in part with stock or stock options.

24 July, 2015: Clinton outlines her tax proposal in a speech
Clinton's entire tax proposal is outlined in her speech, linked above.
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