Politics

'They're Paying Nothing And It's Ridiculous': Trump Says He Would Close Capital Gains Tax Loophole

| by Ethan Brown

Republican presidential candidate Donald Trump said Aug. 23 that he would like to change the nation’s tax laws as to not favor employees of hedge funds who “are getting away with murder.”

“They’re paying nothing and it’s ridiculous. I want to save the middle class,” Trump said during a Sunday morning appearance on CBS’s “Face the Nation.” “The hedge fund guys didn’t build this country. These are guys that shift paper around and they get lucky.”

According to CBS News, managers of hedge funds typically avoid paying an income tax, currently set at 39.6 percent for top level earners, and pay a more modest 20 percent via the capital gains tax. While Trump admitted to knowing many in the business who act on this loophole, he said that he would change the law no matter which of his acquaintances are affected.

“Some of them are friends of mine, some of them I couldn’t care less about. It’s the wrong thing,” he said.

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Trump added that he would also lower tax rates from their current levels to help the middle class.

While Trump has said in the past that he will use his billions of dollars in new worth to fund his campaign, he also seemed somewhat open to the idea of allowing donations to his campaign.

“I don’t want lobbyists, I don’t want special interests, but certainly people – we have a lot of money coming in,” he said. “I would even take big contributors as long as they don’t expect anything because the only people that can expect something from me is going to be the people that want to see our country be great again.”

Trump added that he recently turned down $5 million from a lobbysit because "there are total strings attached to a thing like that."

Sources: Mediaite, The Hill, CBS News

Photo Credit: Michael Vadon/Wikimedia Commons, Gage Skidmore/Flickr CC