Pence, Kaine on Trump's Tax Returns

The vice presidential candidates discuss Hillary Clinton and Donald Trump's plans for the economy.
9:29 | 10/05/16

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Transcript for Pence, Kaine on Trump's Tax Returns
Let's turn to the issue of the economy. According to the nonpartisan committee for a responsible federal budget neither of your economic plans will reduce the growing nineteen trillion dollar. Gross national debt in fact your plans would add even more to it. Both of you were governors who balanced state budgets are you concerned that adding more to the debt could be disastrous for the country governor pat. Sorry I think the fact that. But under this past administration of which Hillary Clinton was a part we've almost doubled the national debt. Is atrocious. Men are I'm very proud of fact that I come from a state that works he stated India has balanced budgets. We cut taxes we made record investments in education and an infrastructure and I still finish my term of two billion dollars in the bank. That's a little bit different than when senator kaine was governor here in Virginia he actually. He actually tried to raise taxes by about four billion dollars he left his state about two billion dollars in the hole. The state of Indiana we've cut unemployment in half unemployment double when he was governor but I think I think he's a very fitting running mate for Hillary Clinton. Because in in the wake of of a season where American families are struggling in this economy. On under the weight of higher taxes and obamacare and the war on coal in the stifling. Avalanche of regulation coming out of this administration. Hillary Clinton and Tim Kaine. Want more of the same it really is remarkable. That they they actually are advocating a trillion dollars in tax increases which I get that you. He tried to raise taxes here in Virginia were unsuccessful but a trillion dollars in tax increases. More regulation more of the same war on coal and more of Obama care that now. Even former President Bill Clinton calls Obama care crazy plan. But Hillary Clinton ten came on and build on Obama care they want expanded into a single Payer program and for all the world Hillary Clinton just thinks Obama cares a good start what Donald Trump and I have a plan to get this economy moving again. Just the way that it worked in the 1980s just the way it worked in the 1960s. And that is by lowering taxes across the board for working families small businesses and family farms. Ending the war on coal it is hurting jobs and hurt in this economy even here in Virginia. A repealing obamacare lock stock and barrel and in repealing all of the executive orders that Barack Obama has signed that are stifling. Economic growth in this coming week and get America moving again put on top of that the kind of trade deals. That'll put the American worker first then you've got a prescription for real growth and when you get the economy growing Alain. That's when you can deal with the national debt when we get back to three and a half to 4% growth with Donald Trump's plan will do. Then we're gonna have the resources to meet our nation's needs at home and abroad and we're gonna have the ability to bring down the national debt senator can. Alain on the economy there's a fundamental choice for the American electorate do you wanna you're hired president and Hillary Clinton whose party won a you're fired president and Donald Trump. I think that's not such a hard choice. Hillary not have a plan that's on the table let's say you're hired plan. Five components first thing we do as we invest in manufacturing infrastructure. And research in the clean energy jobs of tomorrow. Second thing is we invest in our workforce from pre K education to great teachers. To debt free college and tuition free college for families that make less than a 125000. Dollars here. Certainly promote fairness by raising the minimum wage she can't work full time and be under the poverty level and by paying women equal pay for equal work. Fourth we promote small business just as we've done in Virginia. To make it easier to start or grow small businesses Hillary and I each grew up in small business families my dad who ran an arm working in welding shop. Is here tonight. And fifth we have a tax plan that targets tax relief to middle class individuals and small businesses. And ask those at the very top who benefited as we've come out of recession to pay more the truck plant is a different planet so you're fired planned and there's two key elements to it. First Donald Trump said wages are too high. And boat Donald Trump and my parents think we ought to eliminate. The federal minimum wage my pants when he was in congress. Voted against raising the minimum wage above five dollars and fifteen cents and he has been a one man. Bulwark against minimum wage increases and it in Indiana the second component of the plan. It's massive tax breaks for the very top trillions of dollars in tax breaks for people just like Donald Trump. The problem with this Elaine is that's exactly what we did ten years ago and it put the economy into the deepest recession. The deepest recession since the 1930s. Independent analysts say the Clinton plan would grow the economy by ten at half million jobs to trump plan would cost three and a half million jobs. And Donald Trump why would he do this. Because his tax plan basically helps him any he ever met his promise. Annie get this tax returns to the American public like he said he would. We would see just how much his economic plan is really a trump first plan. I'm that point governor tense recently the New York Times released part of mr. Trump's 1995 tax return and reported that he could have avoided paying federal income taxes for years. Yesterday mr. trump said he brilliantly used the laws to pay as little tax as legally possible. Taxing authority and what were first Monday. Let me say airtight I appreciate you do your tired your fired things senator you use that a whole lot and a thinner and Acura and use a lot of pre done lines are what what what what you all just heard out there. Is more taxes two trillion dollars in more spending. More deficits more debt more government. And if you think that's all work and then you look at the other side of the table mean the truth the matter is the policies of this administration. Which Hillary Clinton senator came wanna continue have run this economy into a ditch work weren't. We're guessing slowly snow and not our recovery since the Great Depression FDR my my you're on millions more people living in poverty today. Then the day that Barack Obama with Hillary Clinton at his side and the Parker Atlanta Neal belong in any real below its print up dramatically look at your when he fourteen and twenty yeah I honestly senator you can roll out the numbers and and the sunny side but I got to take people in Scranton no different. People in Fort Wayne, Indiana no different. This economy is struggling. The answer to this economy is not more taxes. Credit it's not a Wake Forest lane and the folks at the top and if so I I am after the hearing whether he'll defend his running mates are releasing tax now I'm not saying it was as well governor and with other respect the F question was about whether it seems fair to you. Mr. trump says he brilliantly used a loss to pays little tax as legal obstacle well this is. Probably the diversity Donald Trump and Hillary Clinton and senator came in. I mean Hillary Clinton senator Cain and and god bless you Ford. Curb public servants that's great Donald Trump. Is a businessman. Not a career politician he actually built a business. Those tax returns that we're that came out publicly this week showed that he. He faced some pretty tough times forty years ago. But like virtually ever other business including the New York Times not too long ago he is what's called me an operating loss we have a tax code senator. That actually is designed to encourage entrepreneurship are want to release just actually Charlotte there were answering a question about about whether the business. Is I do I can actually hurt his tax returns that showed he went through a very difficult time. But he used the tax code just so we're supposed to be used when he did it brilliantly how do you know McCaffrey credits and it's right away. Because he's created a business that's worth billions of dollars charting another and with regard to paying taxes this whole riff about not paying taxes and people saying he didn't pay taxes for years. Donald Trump has created tens of thousands of jobs and he's paid payroll. Like I'm sorry about taxes senator our property about thirty seconds to yield on the night of passion or Zurich and usually when raise taxes and don't let Bernard Mcguirk. Donald Trump started this campaign it's when he fourteen he said if I run for president I will absolutely release my taxes he's broken any. He record he's broken as first promised second. He stood on his nose last promise he says he's not on the stage last week and when Hillary said you haven't been paying taxes he said that makes me Smart. So it's Smart not to pay for our military it's Smart not to pay for veterans it's Smart not to pay for teachers. And I guess all of us who do pay for those things I guess we're stupid and the last thing I'll say hundreds YouTube don't like design and easier entitled to the last thing I want to ask governor pence I do. Governor pens had to give Donald Trump his tax returns to show he was qualified to be vice president. Donald Trump must give the American public his tax returns to show that he's qualified to be president and you know breaking his. Elaine I have to respond to that you get meant very little I'm not doing a better ugly very responsible looked. Donald Trump has filed over hundred pages of financial disclosure which is what the law requires but he said he leaders has actually you can review that and he's going. Senator are you going to release I ask her about the audit social scene is over riches redshirt next seven early tax returns when there are gonna raise your tax gentlemen if you look at any general tax and stand here at home cannot and perhaps a I don't wanna do when you speak over each other. I would please ask you to wait until it is that the others changed our directors had an affair.

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

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