User Clip: Nov 21 1991 Trump on the tax reform act of 1986 and changes to tax code

Here Trump discusses the effect the tax reform act of 1986 and how it crippled the real estate industy (and by now we all read about his 1995 losses) , that it has caused zero growth in new housing project and crippling residual economic contributions such as carpetry, furnature, flooring, electricians, and the loss of tax revenue for the local economies, and that banks are foreclosing properties where not a single payment was missed because the home values dropped so low that the banks required more collateral. The democrats and the republicans agreed with him and praised him and his expertise. He suggested keeping taxes high for the upper class with the ability to write off much of the taxes when the money is used for investments in real estate of american manufacturing. He also talked about the benefits of changing depreciation, and how investments in real estate will help everyone. close