Presidential Debate Highlights | Trump, Clinton Defend Tax Plans

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 in the wealthiest Americans I'd like you to further defend that in 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 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 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 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 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 there 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 a prep we have a president that can't sit them around the table and get them to approve something and here's the thing Republicans and Democrats agree that this should be done two and a half trillion I happen to think it's double that's probably five trillion dollars 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 all right you have two minutes on the same question to defend tax increases on the wealthiest Americans Secretary Clinton I have a feeling that by the end of this evening I'm going to be blamed for everything that's ever happen on why not yeah you know just just just joined join the debate by saying more crazy things now let me say there's nothing crazy is about not letting our companies bring their money back into this this is a secretary Clinton's two minutes please 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 then you didn't I happen to 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 that Trump loophole because it would so advantage you and the business you do you've proposed an approach first-ever as if that is our decisions are in strictest benefit for your family and when you look at well Mike how much on my daily it is that's right as I said trumped-up trickle-down trickle-down did not work it got us into the mess we were in in two thousand 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 tack 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 mr. Trump what's the goal 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's 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 than Secretary Clinton mr. Trump we're talking about the burden that Americans have to pay yet you have not released your tax returns and the reason nominees have released their returns for decades is that voters will know if their potential president owes money to who you know is it to and any 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'll be released and as soon as the orders finished it'll be released but you will learn more about Donald Trump by going down to the federal elections where I filed a 104 page essentially financial statement of sorts the forms that they have it shows income in fact the income I just looked today the income is filed at six hundred and ninety four million dollars for this past year six hundred ninety four million 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's doing 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 political hacks negotiating our Trading IRS is an audit of your taxes it's you're perfectly free to release your taxes during an audit and so the question does the public right to know outweigh your personal well I told you I will release them as soon as the audit look I've been under audit almost for 15 years I know a lot of wealthy people that have never been audited I said you get ordered it 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 IRS 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 lawyer's wishes when she releases her 33,000 emails that have been deleted as soon as she releases them I will release I will release my tax returns and that's against my lawyers they say don't do it I will tell you this no in fact watching shows reading the papers almost every law says you don't release your returns until the audits complete when the orders complete I'll do it but I would go against them if she releases her so it's negotiable it's not negotiable now let her release the even why did she delete 33,000 I'll let her ask that but let me just add Mohnish 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 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 we know the IRS 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 50 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'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 so that makes me sorry 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 tax 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 where he ever 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 he also raised the issue of your emails do you want to respond to that I do you know I made a mistake using a private email that's efficient and if I had to do it over again I would obviously do it differently um but I'm not gonna make any excuses it was a mistake and I take responsibility for that mr. Trump that was more than a mistake that was done purposely okay 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 this great a really thinks it's disgraceful also as far as my tax returns you don't learn that much from tax returns that 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 underleveraged the report that said six hundred and fifty which by the way a lot of friends of mine that know my business a boy that's really not a lot of money it's not a lot of money relative to ROI had the buildings that were in questioned they said in the same report which was actually 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 and fifty isn't even on that but it's not six hundred and 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 these are very fine institutions very fine banks I could do that very quickly I am very under leverage I have a great company I have a tremendous income and the reason I say that is not in a braggadocious way it's because it's about time that this country had somebody running it that has an idea about money when we have 20 trillion dollars in debt and our country's a mess you know it's one thing to have 20 trillion in debt and our roads are good and our bridges are good and everything's in great shape our airports our airports are like from a third world country you land at LaGuardia you land at Kennedy you land at LAX you land at Newark and you come in from Dubai and Qatar and you see this 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 20 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 but 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 new schools new hospitals and we don't have the money because it's been squad on so many of your ideas what's your response you haven't paid any federal income tax for a lot of years and the other thing I think is important it would be squandered to believe me if your if your main claim to be present the 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 painters architects glass installers marble installers drapery installers 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 and I was unsatisfied with his work thought which are kundan's you do to 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 refused 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 death you talk about leverage you even at one time suggested that you would try to negotiate down the room national debt of the United States well sometimes there's not a direct transfer of skill from business to government but sometimes what happened in business would be really bad for government that's what yeah I think it's there I do things about that look it's all words it's all sound bytes 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 taking 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 the tens of thousands of people that are unbelievably happy and that love me I'll 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 another 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 caused two and three and four times what they're supposed to cost we buy products for our military and they come in two costs 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 well we're well behind schedule

Channel: ABC News

Views: 719,266

Keywords: Hillary Clinton, Donald Trump, Presidential debate, 2016 debate, Republican nominee, Democratic nominee, election, voters, politics, candidates, ABC News, jobs, taxes, email scandal, Trump's tax return, audit, Hofstra, trump taxes, clinton taxes, Presidential Debate Highlights, Presidential Debate Full

Id: d4Tinv8DMBM

Length: 17min 37sec (1057 seconds)

Published: Tue Sep 27 2016