Wednesday, during a town hall event that aired on FNC’s “Hannity,” former President Donald Trump, the Republican nominee for president, warned viewers about a repeat of the 1929 Great Depression if Vice President Kamala Harris, his Democrat opponent, wins.
Partial transcript as follows:
HANNITY: Here’s my point. She wants to raise corporate taxes, she wants to raise small business taxes, capital gain taxes, estate taxes, the international corporate minimum tax to the point where America won’t be competitive anymore and your tax cuts are about to expire in 2025.
TRUMP: Yeah.
(CROSSTALK)
HANNITY: — the economy? What does it mean for everybody here struggling?
TRUMP: So I gave you the biggest tax cuts in the history of our country if you let them —
(CHEERING)
(APPLAUSE)
TRUMP: — if you let the Trump tax cuts expire. What she wants to do, she wants to terminate them. If you do that, you will suffer the biggest tax increase in history. There’s never been a tax increase like it on top of which she wants to add a lot of tax. This country will end up — and I’ve said this a lot and I mean it. This country will end up in a depression if she becomes president like 1929. This will be a 1929 depression. She has no idea what the hell she’s doing.
HANNITY: What if unrealized capital gains taxes were implemented?
TRUMP: Well, she wants to do that. This is where you have something. You don’t even know what the value is. I’ll tell you what, if that’s going to happen, go out and open an appraisal company because you’re going to make a fortune. That’s about the only group that’s going to make it and accountants. It is the craziest idea.
And remember this, very rich people and big international corporations, they don’t have to stay in the United States and they will be forced to leave for other countries. They can’t afford to do a thing like that. They may have great wealth and no cash and they’re going to have to pay cash. Where are they going to get the cash?
If they do that the unrealized Capital gain, it’s — it’s — you know, it’s been talked about for a few years by ultra-left Marxists only, like her father’s a Marxist. Her father’s a Marxist teacher of economics. Can you believe this? But if that happened this country — and I think forgetting about that that particular seat, she’s got a lot of things that are just as bad. If she gets in, I think we will have a depression, 1929-style depression. That’s what I think will happen to our country. Already, they’ve set us on a path.
Follow Jeff Poor on X @jeff_poor
