Trump: ‘I’ll End up Paying More’ Under My Tax Plan
STEPHANOPOULOS: “You also said that this tax plan is going to cost you a fortune.”
TRUMP: “It will cost me a lot of money.”
STEPHANOPOULOS: “How do you get there?”
TRUMP:” Well, I'll tell you what. I have carried interest, like a lot of other people do, and carried interest is a wonderful thing, but it's unfair –“
STEPHANOPOULOS: “But -- but that's –“
TRUMP: “And rich people are getting –“
STEPHANOPOULOS: “That's $20 billion over 10 years for everyone who has it. That's a small –“
TRUMP: “But it's psychologically so important. If the economy grows, we all make it up. I mean, frankly, the job producers make it up.”
STEPHANOPOULOS: “Let's –“
TRUMP: “The economy has to grow.”
STEPHANOPOULOS: “Dig into this deeper.”
TRUMP: “And, by the way, we have to bring back jobs. Also part of my plan.”
STEPHANOPOULOS: “According to your financial disclosure you made, what, about $250 million in the last year?”
TRUMP: “$605 million.”
STEPHANOPOULOS: “OK, 605. The top rate goes from 40 percent to about 25 percent.”
TRUMP: “Right.”
STEPHANOPOULOS: “Capital gains comes down from 23 to 20.”
TRUMP: “Right.”
STEPHANOPOULOS: “That's a huge -- that's tens of millions of savings for you.”
TRUMP: “Everybody's going to save, according to my plan, and that money - you know where that money's going?”
STEPHANOPOULOS: “That means you're not going to be spending - you're not going to be paying more taxes though.”
TRUMP: “That money is going back into other things.”
STEPHANOPOULOS: “But you're going to get a tax cut?”
TRUMP: “I don't know because I have very big deductions that are frankly some of them are ridiculous. You're entitled to deductions. So I don't know that I am. I think –“
STEPHANOPOULOS: “But not 605 million dollars' worth.”
TRUMP: “I think that probably I'll end up paying more under this. To be honest, I don't think I'm going to. If you look at all of the kinds of deductions that people are allowed to take, that you're not going to be taking anymore, including carried interest, that's just one of them, I think I probably don't do as well.”
