So Donald Trump wants to run for the Republican ticket, eh? He's going to have some trouble explaining this away.
Trump, a prospective candidate for the Reform Party presidential nomination, is proposing a onetime net worth tax on individuals and trusts worth 10 million or more. By Trumps calculations, his proposed 14.25 percent levy on such net worth would raise 5.7 trillion and wipe out the debt in one full swoop.
The net worth tax is the cornerstone of Trump's economic plan released Tuesday morning.
"No one has put forward a plan to make this country entirely debt free as we enter the next millenium," Trump said in a written statement.
"The plan I am proposing today does not involve smoke and mirrors, phony numbers, financial gimmicks, or the usual economic chicanery you usually find in DisneylandonthePotomac," Trump said.
Trump would exempt the value of an individual's principal home from the net worth total.
"By my calculations, 1 percent of Americans, who control 90 percent of the wealth in this country, would be affected by my plan," Trump said.
"The other 99 percent of the people would get deep reductions in their federal income taxes," he said.
Eliminating the national debt would save the federal government 200 billion a year in interest payments, Trump said. He proposes to earmark half the savings for middle class tax cuts, and the other half for Social Security.
Yeah, Trump is done. Newt's got some big problems with flip-floppage. That leaves Mittens, Palin, Bachmann, and TPaw. Oh, and Boss Hawg Barbour. It's going to be a very interesting Republican primary season.