First US Presidential Debate Page #4

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I’m going to cut regulations. I’m going to cut taxes big league, and you’re going to raise taxes big league, end of story.

HOLT:
Let me get you to pause right there, because we’re going to move into — we’re going to move into the next segment. We’re going to talk taxes…

CLINTON:
That can’t — that can’t be left to stand.

HOLT:
Please just take 30 seconds and then we’re going to go on.

CLINTON:
I kind of assumed that there would be a lot of these charges and claims, and so…

TRUMP:
Facts.

CLINTON:
So we have taken the home page of my website, HillaryClinton.com, and we’ve turned it into a fact-checker. So if you want to see in real-time what the facts are, please go and take a look. Because what I have proposed…

TRUMP:
And take a look at mine, also, and you’ll see.

CLINTON:
… would not add a penny to the debt, and your plans would add $5 trillion to the debt. What I have proposed would cut regulations and streamline them for small businesses. What I have proposed would be paid for by raising taxes on the wealthy, because they have made all the gains in the economy. And I think it’s time that the wealthy and corporations paid their fair share to support this country.

HOLT:
Well, you just opened the next segment.

TRUMP:
Well, could I just finish — I think I…

(CROSSTALK)

HOLT:
I’m going to give you a chance right here…

TRUMP:
I think I should — you go to her website, and you take a look at her website.

HOLT:
… with a new 15-minute segment…

TRUMP:
She’s going to raise taxes $1.3 trillion.

HOLT:
Mr. Trump, I’m going to…

TRUMP:
And look at her website. You know what? It’s no difference than this. She’s telling us how to fight ISIS. Just go to her website. She tells you how to fight ISIS on her website. I don’t think General Douglas MacArthur would like that too much.

HOLT:
The next segment, we’re continuing…

CLINTON:
Well, at least I have a plan to fight ISIS.

HOLT:
… achieving prosperity…

TRUMP:
No, no, you’re telling the enemy everything you want to do.

CLINTON:
No, we’re not. No, we’re not.

TRUMP:
See, you’re telling the enemy everything you want to do. No wonder you’ve been fighting — no wonder you’ve been fighting ISIS your entire adult life.

CLINTON:
That’s a — that’s — go to the — please, fact checkers, get to work.

HOLT:
OK, you are unpacking a lot here. And we’re still on the issue of achieving prosperity. And I want to talk about taxes. 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. Trump.

TRUMP:
Well, I’m really calling for major jobs, because the wealthy are going create tremendous jobs. They’re going to expand their companies. They’re going to do a tremendous job.

I’m getting rid of the carried interest provision. And if you really look, it’s not a tax — it’s really 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 $2.5 trillion back from overseas, where they can’t bring the money back, because politicians like Secretary Clinton won’t allow them to bring the money back, because the taxes are so onerous, and the bureaucratic red tape, so what — is so bad.

So what they’re doing is they’re leaving our country, and they’re, 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 the money to work, because they can’t work out a deal to — and 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 — 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 this should be done, $2.5 trillion. I happen to think it’s double that. It’s probably $5 trillion that we can’t 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 and lots of other things, and it would be beautiful.

But we have no leadership. And honestly, that starts with Secretary Clinton.

HOLT:
All right. You have two minutes of the same question to defend tax increases on the wealthiest Americans, Secretary Clinton.

CLINTON:
I have a feeling that by, the end of this evening, I’m going to be blamed for everything that’s ever happened.

TRUMP:
Why not?

CLINTON:
Why not? Yeah, why not?

(LAUGHTER)

You know, just join the debate by saying more crazy things. Now, let me say this, it is absolutely the case…

TRUMP:
There’s nothing crazy about not letting our companies bring their money back into their country.

HOLT:
This is — this is Secretary Clinton’s two minutes, please.

TRUMP:
Yes.

CLINTON:
Yeah, well, 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’s stranded overseas. I happen to support that.

TRUMP:
Then you didn’t read it.

CLINTON:
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 now the Trump loophole, because it would so advantage you and the business you do. You’ve proposed an approach that has a…

TRUMP:
Who gave it that name? The first I’ve — who gave it that name?

(CROSSTALK)

HOLT:
Mr. Trump, this is Secretary Clinton’s two minutes.

CLINTON:
… $4 billion tax benefit for your family. And when you look at what you are proposing…

TRUMP:
How much? How much for my family? CLINTON: … it is…

TRUMP:
Lester, how much?

CLINTON:
… as I said, trumped-up trickle-down. 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.

CLINTON:
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 — their debt from college at a lower rate. Those are the kinds of things that will really boost the economy. Broad-based, inclusive growth is what we need in America, not more advantages for people at the very top.

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