Trickle-down did not work. It got us into the mess we were in, in 2008 and 2009. Slashing taxes on the wealthy hasn’t worked. And a lot of really smart, wealthy people know that. And they are saying, hey, we need to do more to make the contributions we should be making to rebuild the middle class.
Many of you are well enough off that... the tax cuts may have helped you... We're saying that for America to get back on track, we're probably going to cut that short and not give it to you. We're going to take things away from you on behalf of the common good.
I believe capital gains, for the most part, should be taxed the same way we tax income from hard work, sweat, and toil. And if we do those things, we can be a country that actually can afford debt-free college again.
I served on the budget committee in the Senate, and I remember as vividly as if it were yesterday when we had a hearing in which Alan Greenspan came and justified increasing spending and cutting taxes, saying that we didn't really need to pay down the debt - outrageous in my view.
What I have proposed would be paid for by raising taxes on the wealthy, because they have made all the gains in the economy.
We need to have a tax system that rewards work and not just financial transactions.
A Wall Street money manager should not be able to pay a lower tax rate than a teacher or a nurse.
Donald Trump would end up raising taxes on middle-class families.
I believe American corporations that have gotten so much from our country should be just as patriotic in return. Many of them are, but too many aren't. It's wrong to take tax breaks with one hand and give out pink slips with the other. And I believe Wall Street can never, ever be allowed to wreck Main Street again.
Seen in the context of Donald Trump having committed sales tax fraud in the past, which is indisputable, I think that it's reasonable for the American public to ask, did you go beyond what's lawful, maybe scandalously lawful, but lawful, and violate the law?
I'm not going to tell people that I will raise your incomes and not your taxes, and not mean it, because I don't want to see the kind of struggle that the middle class is going through exemplified by these promises that would raise taxes and make it much more difficult for many, many Americans to get ahead and stay ahead. That is not my agenda.
The kind of plan that Donald [Tramp] has put forth would be trickle-down economics all over again. In fact, it would be the most extreme version, the biggest tax cuts for the top percent of the people in this country than we've ever had.
Our largest companies should not be able to get away with paying hardly anything at all. It is insulting when they engage in these games like moving their headquarters over to a foreign country, on paper, not in reality, just to take advantage of lower tax breaks.
I will not raise taxes on anyone making $250,000 or less.
Maybe Donald Trump doesn't want the American people to know that he's paid nothing in federal taxes, because the only years that anybody's ever seen were a couple of years when he had to turn them over to state authorities when he was trying to get a casino license, and they showed he didn't pay any federal income tax.
Donald Trump participated in something known as the empty box scam. He bought $65,000 worth of jewelry from Bulgari across the street from Trump Tower, and had the record show that it was mailed to him in an out-of-state address. Now, if you're not a New York resident, you may not have to pay sales tax if the jewelry is mailed to you in another state. The problem is, they were empty boxes. It was proven.
Look at what I am proposing, and we [wih Bernie Sanders] have a vigorous agreement here. We both want to reign in the excesses of Wall Street. I also want to reign in the excesses of Johnson Controls that we bailed out when they were an autoparts company, and we saved the auto industry, and now they want to avoid paying taxes.
For 40 years, everyone running for president has released their tax returns. You can go and see nearly, I think, 39, 40 years of our tax returns, but everyone has done it.
Let's stop for a second and remember where we were eight years ago [in 2008]. We had the worst financial crisis, the Great Recession, the worst since the 1930s. That was in large part because of tax policies that slashed taxes on the wealthy, failed to invest in the middle class, took their eyes off of Wall Street, and created a perfect storm.
If companies try to leave our country to avoid paying their fair share, if they try to outsource jobs, they're going to have to give back every tax break they ever received in our country.
Donald Trump is the first candidate ever to run for president in the last 40-plus years who has not released his tax returns, so everything he says about charity or anything else, we can't prove it.
Donald Trump is a - the owner of a lot of real estate that he manages, he may well pay no income taxes. We know for a fact that he didn't pay any income taxes in 1978, 1979, 1984, 1992 and 1994. We know because of the reports of the New Jersey Casino Control Commission. We don't know about any year after that.
Lots of people commit crimes and don't get arrested. That's not the measure. But if you're going to be the president of the United States, we're reasonably going to put you under a microscope. And Donald Trump's tax behavior is absolutely important to understanding, is he qualified, is he morally fit, is he capable, is he trustworthy to have everything from the powers of federal law enforcement to the nuclear codes?
I think companies trying to exercise a so-called inversion should be hit with an exit tax. So I want to change behaviors, and I am deeply distressed about quarterly capitalism, because I think it is causing businesses to make decisions that are not helping the long-term profitability of American corporations or the success of our economy.
You've got to ask yourself, why won't Donald Trump release his tax returns? I think there may be a couple of reasons. First, maybe he's not as rich as he says he is. Second, maybe he's not as charitable as he claims to be. Third, we don't know all of his business dealings, but we have been told through investigative reporting that he owes about $650 million to Wall Street and foreign banks. Or maybe he doesn't want the American people to know that he's paid nothing in federal taxes.
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