Presidential Debate Part 2
The fundamental difference between the two of you concerns the wealthy.
Secretary Clinton you’re calling for a tax increase on the wealthiest Americans. I’d like you to further defend that.
And Mr Trump you’re calling for tax cuts for the wealthy. I’d like you to defend that.
And this next two minute answer goes to you Mr Well I’m really calling for a major jobs because the wealthy are going to create tremendous jobs they’re going to expand their companies they’re going to do a tremendous job. I’m getting rid of the carriage is provision and if you really look it’s not a tax not a great thing for the wealthy.
It’s a great thing for the middle class. It’s a great thing for companies to expand and when these people are going to put billions and billions of dollars into companies and when they’re going to bring two and a half trillion dollars back from overseas where they can’t bring the money back because politicians like Secretary Clinton won’t allow them to bring that money back because the taxes are so onerous and the bureaucratic red tape.
Miss The Debate? Watch In Full Here Part 2 : Candidate’s tax plans
So what is so bad. So what they’re doing is they’re leaving our country and believe it or not leaving because taxes are too high and because some of them have lots of money outside of our country and instead of bringing it back and putting that money to work because they can’t work out a deal to everybody agrees it should be brought back instead of that they’re leaving our country to get their money because they can’t bring their money back into our country because of bureaucratic red tape because they can’t get together because we have a press. We have a president that can’t sit them around a table and get them to approve something and here’s the thing Republicans and Democrats agree that there should be done to want to have trillion.
I happen to think it’s double that’s probably five trillion dollars that we can bring into our country. Lester and with a little leadership you’d get it in here very quickly and it could be put to use on the inner cities at a lots of other things and it would be beautiful but we have no leadership and honestly that starts with Secretary Clinton. You have to meet. So the same question to defend tax increases on the world’s biggest American Secretary Clinton. I have a feeling that by the end of this evening. I’m to blame for everything that’s ever had. Why not why not.
Yeah right Jess just joined join the debate by saying more crazy things. Now let me say there’s nothing crazy is not letting our companies bring their money back into their center this is a sort of perfectly instrument of sleaze. Let’s start the clock again Lester. We’ve looked at your tax proposals.
I don’t see changes in the corporate tax rates or the kinds of proposals you’re referring to that would cause the repatriation bringing back of money that stranded overseas I happened to then you do or that I happen to I happen to support that in a way that will actually work to our benefit. But when I look at what you have proposed you have what is called out the Trump loophole because it would so advantage you and the business you do. You’ve proposed a drugstore net over it.
That losers are those silly and who are going Stratus benefit for your family and when you look at well my heart. How much of my being only it is a show has I said trumped up trickle down trickle down did not work.
It got us into the mess we were in in two thousand and eight and nine 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.
I don’t think top down works in America. I think building the middle class investing in the middle class making college debt free.
So more young people can get their education helping people refinance their attack their their debt from college at a lower rate. Those are the kinds of things that. Really boost the economy broad based inclusive growth is what we need in America not more advantages for people at the very top. Mr Trump typical politician. All talk no action.
Sounds good doesn’t work never going to happen. Our country is suffering because people like Secretary Clinton have made such bad decisions in terms of our jobs and in terms of what’s going on now look we have the worst revival of an economy since the Great Depression and believe me we’re in a bubble right now and the only thing that looks good is the stock market but if you raise interest rates even a little bit.
That’s going to come crashing down. We are in a big fat ugly bubble and we better be awfully careful and we have a Fed that is doing political things this Janet Yellen of the Fed The Fed is doing political by keeping the interest rates at this level and believe me the day Obama goes off and he leaves and he goes out to the golf course for the rest of his life to play golf when they raise interest rates.
You’re going to see some very bad things happen because the Fed is not doing their job. The Fed is being more political then. Secretary Clinton. Mr Trump were talking about the burden that Americans have to pay if you have not released your tax returns and the reason nominees have ever lost their returns for decades.
This is that voters will know if they’re a potential president over his money to you know it was a two and a business conflicts don’t Americans have a right to know if there are any conflicts of interest. I don’t mind releasing I’m under a routine audit and it will be released and as soon as the order is finished it will be released but you will learn more about Donald Trump by going down to the federal elections where I filed a one hundred four page.
Essentially financial statement of sorts the forms that they have it shows income in fact the income I just look today. The income is filed at six hundred ninety four million dollars for this past year six hundred ninety four million. If you would have told me I was going to make that fifteen or twenty years ago I would have been very surprised but that’s the kind of thinking that our country needs when we have a country that still in so badly. That’s being ripped off by every single country in the world.
It’s the kind of thinking that our country needs because everybody. LESTER We have a trade deficit with all of the countries that we do business with of almost eight hundred billion dollars a year. You know that is that means who’s negotiating these trade deals we have people that are political hacks negotiating like trade to your taxes you’re perfectly free to release your taxes during an art and so the question does the public. It’s a right to know where your personal Well I told you I will release them as soon as the audit Look I’ve been under audit almost for fifteen years.
I know a lot of wealthy people that have never been audited I said you get audited. I get audited almost every year and in a way I should be complaining I’m not even complaining I don’t mind it. It’s almost become a way of life I get audited by the I.R.S. but other people don’t I will say this we have a situation in this country that has to be taken care of I will release my tax returns against my lawyers wishes. When she releases her thirty three thousand e-mails that have been deleted.
As soon as she releases them. I will release the i will have a lease my tax returns and that’s against my lawyers I say don’t do it. I will tell you this.
No in fact watching shows reading the papers. Almost every lawyer says you don’t release your return so till the audit is complete. When the order is complete. I’ll do it but I would go against them if she releases her it’s negotiable.
It’s not negotiable no letter released even why did she delete thirty three thousand Let her ask. But let me just a monitor the audience one more time there was an agreement we did ask you to be silent. So it would be helpful for us.
SECRETARY CLINTON Well I think you’ve just seen another example of bait and switch here. For forty years everyone running for president has released their tax returns you can go and see nearly I think thirty nine forty years of our tax returns but everyone has done it. We know the I.R.S. has made clear there is no prohibition on releasing it when you’re under audit so you’ve got to ask yourself why won’t he release his tax returns and 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 six hundred fifty million dollars to Wall Street and foreign banks or maybe he doesn’t want the American people all of you watching tonight to know that he’s paid nothing in federal taxes because the only years that anybody has 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.
So let me get these are eight zero. That means zero for troops zero for vets zero for schools or health. And I think probably he’s not all that enthusiastic about having the rest of our country see what the real reasons are because it must be something really important even terrible that he’s trying to hide and the financial disclosure statement. They don’t give you the tax rate they don’t give you all the details that tax returns would and it just seems to me that this is something that the American people deserve to see and I have no reason to believe that he’s ever going to release his tie.
Returns because there’s something he’s hiding and we’ll guess we’ll keep guessing at what it might be that he’s hiding. But I think the question is were he ever hurt to get near the White House. What would be those conflicts who does he owe money to. Well he owes you the answers to that and he should provide them.
He also you can also raise the issue of your e-mails you want to respond to that. I do you know I made a mistake using a private email and. If I had to do it over again I would obviously do it differently. But I’m not going to make any excuses. It was a mistake and I take responsibility for that lesson from. It was more than a mistake that was done purposely OK that was not a mistake that was done purposely when you have your staff. Taking the Fifth Amendment. Taking the Fifth. So they’re not prosecuted. When you have the man that set up the illegal server taking the Fifth.
I think it’s disgraceful and believe me this country thinks it’s really thinks it’s disgraceful also as far as my tax returns. You know learn that much from tax returns and 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 I’m extremely under leveraged. The report that said six hundred fifty which by the way a lot of friends of mine that know my business said well that’s really not a lot of money.
It’s not a lot of money relative to what I had the buildings that were in question. They said in the same report which was. Actually it wasn’t even a bad story to be honest with you but the buildings are worth three point nine billion dollars and the six hundred fifty isn’t even on that but it’s not six hundred fifty it’s much less than that but I could give you a list of banks I would if that would help you. I would give you a list of banks is a very fine institutions very fine banks I could do that very quickly.
I am very honored to leverage I have a great company have a tremendous income and the reason I say that is not in a brag. Dosha sway it’s because it’s about time that this country had somebody running it that has an idea about money when we have twenty trillion dollars in debt and our country’s a mess. You know it’s one thing to have twenty trillion in debt and our roads are good and our bridges are good and everything’s in great shape our airports our reports are like from a third world country you lead to live.
Wadia you lead it KENNEDY You landed at L.A.X. you land at Newark and you come in from Dubai and you see these incredible you come in from China. You see these incredible airports and you land. We’ve become a Third World country.
So the worst of all things has happened. We owe twenty trillion dollars and we’re a mess. We haven’t even started. And we’ve spent six trillion dollars in the Middle East. According to a report that I just saw whether it’s six or five what it looks like it’s six six trillion dollars in the Middle East we could have rebuilt our country twice and it’s really a shame and it’s politicians like Secretary Clinton that have caused this problem.
Our country has tremendous problems. We’re a debtor nation.
We’re a serious debtor nation and we have a country that needs new roads new tunnels new bridges new airports and schools new hospitals and we don’t have the money because it’s been squandered on so many of your ideas such as that you haven’t paid any federal income tax for a lot of years and the other thing I think is important to me if your if your main claim to be present a united states is your business.
Then I think we should talk about that you know your campaign manager said that you built a lot of businesses on the backs of little guys. And indeed I have met a lot of the people who were stiffed by you and your businesses Donald I’ve met dishwashers paint hers. ARC attacks glass and. Dollars marble installers drapery and strollers like my dad was who you refused to pay when they finished the work that you asked them to do we have an architect in the audience who designed one of your club houses at one of your golf courses.
It’s a beautiful facility it immediately was put to use and you wouldn’t pay what the man needed to be paid what he was charging maybe he didn’t do a good job but I was satisfied with his work that you should do the thousands of people that you have stiffed over the course of your business.
Not deserve some kind of apology from someone who has taken their labor taken the goods that they produced and then refuse to pay them. I can only say that I’m 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 he expected the bargain to be kept on both sides and when we talk about your business.
You’ve taken business bankruptcy six times. There are a lot of great business people that have never taken bankruptcy. Once you call yourself the king of debt. You talked about leverage you even at one time suggested that you would try to negotiate down the wrong 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 and frankly I think it’s clear about that. Look it’s all words.
It’s all sound bites. I built an unbelievable company some of the greatest assets anywhere in the world real estate assets anywhere in the world beyond the United States and Europe lots of different places. It’s an unbelievable company but. On occasion four times we used certain laws that are there. And when Secretary Clinton talks about people that didn’t get paid. First of all they did get paid a lot.
But taken advantage of the laws of the nation. If you want to change the laws you’ve been there a long time change the laws but I take advantage of the laws of the nation because I’m running a company my obligation right now is to do well for myself my family my employees for my companies and that’s what I do but what she doesn’t say is that tens of thousands of people that are unbelievably happy and that love me give you an example. We’re just opening up on Pennsylvania Avenue right next to the White House.
So if I don’t get there. One way I’m going to get to Pennsylvania Avenue enough but we’re opening the Old Post Office under budget. Ahead of schedule save tremendous money. I’m a year ahead of schedule and that’s what this country should be doing. We build roads and they cause two and three and four times what they’re supposed to cost.
We buy products for our military and they come at a cost that are so far above what they were supposed to be because we don’t have people that know what they’re doing when we look at the budget the budget is bad to a large extent because we have people that have no idea as to what to do and how to buy the Trump International is way under budget and way ahead of schedule and we should be able to do that for our one world behind schedule.
Miss The Debate? Watch In Full Here Part One: Achieving Prosperity