During a town hall event aired on Fox News Channel's "Hannity" on Wednesday, former President Donald Trump, the Republican nominee for president, issued a stark warning about the potential consequences of Vice President Kamala Harris winning the presidency. Trump cautioned that the U.S. could face a depression reminiscent of the 1929 Great Depression if Harris, his Democratic opponent, implements her proposed economic policies.
Here’s an excerpt from their exchange:
HANNITY:
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"She wants to raise corporate taxes, small business taxes, capital gains taxes, estate taxes, and introduce an international corporate minimum tax, making America uncompetitive. Your tax cuts are also set to expire in 2025. What does that mean for people who are struggling in this economy?"TRUMP: "I gave the biggest tax cuts in our country’s history. If you let the Trump tax cuts expire, which she wants to do, it will be the largest tax increase ever. On top of that, she plans to add even more taxes. If she becomes president, this country will face a depression like 1929. She has no idea what she’s doing."
When asked about the possibility of unrealized capital gains taxes:
TRUMP: "She wants to implement unrealized capital gains taxes, which is absurd. People don’t always know the value of what they own, and if this happens, appraisers and accountants will be the only ones profiting. The wealthiest individuals and large corporations won’t stay in the U.S. if they’re forced to pay such taxes. Many have wealth but no liquidity, and this tax would make it impossible for them to remain here."
Trump also criticized Harris’s background, claiming her economic views stem from her father’s Marxist ideology: "Her father was a Marxist economics teacher. If she wins, we will see a 1929-style depression. That’s the path we’re on."
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Great Depression 2.0' , 1929-style depression,