Although he has yet to officially announce a campaign to run for President, Donald Trump is already offering advice on dealing with the deficit. His suggestion? A one time net worth tax on the wealthiest Americans.
Billionaire businessman Donald Trump has a plan to pay off the national debt, grant a middle class a tax cut, and keep Social Security afloat tax rich people like himself.
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 U.S. national debt decreased by 9.7 billion in September but remains at 5.66 trillion, according to the latest U.S. Treasury figures.
The net worth tax is the cornerstone of Trumps economic plan released Tuesday morning.