Donald Trump Once Proposed the Biggest Tax Hike Ever

In a 1999 interview with ABC News, Trump proposed a 14.25% tax hike on the super-wealthy.
2:19 | 08/06/15

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Transcript for Donald Trump Once Proposed the Biggest Tax Hike Ever
This would be a one time tax fourteen point 25%. Against people with a network of over 101000010 million dollars or more. It would pay off in its entirety the national debt of five point seven trillion dollars she'd save 200 billion dollars a year. So taxes for the middle class would go away Dan. You've stated inheritance tax totally wiped out and Social Security system would be saved. So this would be very positive for everybody including the rich the 1% that really are paying the tax. In fact by our estimates you would. Pays somewhere in the neighborhood of 700 million dollars or more that's good I've never known Donald Trump to willingly give up 700 billion dollars. It would be great for the country I think it's a proposal that will be very strong we looked at and considered. And ultimately I really expect to get back. People who have a net worth of ten million dollars or more including yourself. Generally don't have huge cash reserves. We're over the come off this morning it's a very fair question very good questions and sort of in making him. Some think would be able to sell things off easily paid the tax and ultimately get it back many fold by the booming. Economy and you'll have a boom acutely you literally have never had before and by the saving of the inheritance tax but we're gonna get the money. The well they sell off assets. He would sell off fast and furious would be rules there well in my case it could be some realistic it would sell everything you sell some assets. And the others that we do it over installment came news. You really expect this to be embraced them and I were president who would be passed I think if somebody else as president probably can't pay. There's a tax that's paid by 1% with a 1% will be very big beneficiaries with what's going to happen at the positive forces that would take place. In the economy just one last thought that is more economists sign about this certainly a radical approach to trying to solve the problems of maybe but but. What are they stuff I know lots of very great and talented economists and ones that I've spoken to and consultant who and I'll be announcing who they are at a later date of I decide to run. I have said that this plan is quote. Great I don't take no credit but they have said it's important which I would never do that but they said it's a great plan and it certainly plan to reduce taxes and especially for the middle class.

This transcript has been automatically generated and may not be 100% accurate.

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