During a town hall event aired on FNC's “Hannity” on Wednesday, Republican presidential candidate and former President Donald Trump warned viewers that the Great Depression of 1929 would happen again if his opponent, Democratic Vice President Kamala Harris, wins.
A partial transcript follows:
HANNITY: My point is this: She wants to raise corporate taxes, small business taxes, capital gains taxes, inheritance taxes, the international corporate minimum tax, so that America is no longer competitive, and the tax cuts are set to expire in 2025.
TRUMP: Right.
(Crosstalk)
HANNITY: The economy? What does that mean for all of you out there who are struggling?
TRUMP: That's why I gave you the biggest tax cut in the history of our country, if you'll allow it.
(Cheers)
(applause)
TRUMP: If we let the Trump tax cuts expire. She wants to get rid of the tax cuts. And then we're going to have the biggest tax increase in history. We've never had a tax increase like this before, and she's going to add a lot of taxes. This country is going to end up, and I've said this many times, with her as president, we're going to have a 1929-style depression. A 1929-style depression. She has no idea what she's doing.
HANNITY: What would happen if there was an unrealized capital gains tax?
TRUMP: She wants to do that. This is where something is. We don't even know how much it's worth. If that were to happen, open an appraisal firm. There would be a ton of money to be made. The only people who would be successful would be accountants and appraisal firms. This is the craziest idea.
And remember, the very wealthy and the big international corporations don't have to stay in the United States, they're going to have to go to other countries. They can't afford that. They may have great wealth, but they don't have the cash, they have to pay in cash. Where are they going to get the cash?
If they do that, unrealized capital gains, you know, that's been a hot topic for a few years now only among far-left Marxists. Her father is a Marxist. Her father is a Marxist economics teacher. Can you believe it? But if that were to happen in this country, and I forget about that particular seat, I think she has a lot of things wrong with her as well. If she gets elected, I think we'll have a great depression like 1929. I think that's what's going to happen to our country. They're already leading us down that path.
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