Former President Donald Trump declared at a Fox News rally on Wednesday that the United States would fall into an economic recession if Vice President Kamala Harris wins the Nov. 5 general election.
“If she becomes president, this country will be in a recession. Just like 1929, this will be a 1929 recession. She has no idea what she's doing,” Trump said at New Holland Arena in Harrisburg, Pennsylvania.
“I gave us the biggest tax cuts in the history of our country, if we let them. If we let the Trump tax cuts expire, and she wants to end them, we'll have the biggest tax increases in history. We've never had tax increases like this, and she wants big tax increases,” Trump said of Harris' economic policies.
President Trump took part in a town hall meeting with Fox News' Sean Hannity on Wednesday night, where he spoke about voters' biggest concerns, including the economy and the ongoing issue of inflation.
Harris on Wednesday proposed a 28% tax on long-term capital gains for households earning $1 million a year, lower than the 39.6% rate proposed by President Biden in his fiscal 2025 budget.
Here's what Kamala Harris' tax crash will cost you and the US economy
Former President Donald Trump speaks at a Fox News town hall in Harrisburg, Pennsylvania. (Fox News)
Following Harris' announcement, Hannity asked Trump, “If there was an unrealized capital gains tax, what would happen?”
“That's what she wants to do. This is when you have something you don't know the value of. If you're going to do that, you might as well start an appraisal firm, because there's a ton of money to be made. That's the only group that's going to be successful. And accountants are the craziest idea,” Trump replied.
Democratic presidential candidate Vice President Kamala Harris speaks during a campaign event at Northwestern High School, Monday, Sept. 2, 2024, in Detroit. (AP Photo/Jacqueline Martin)
“And remember, the very wealthy and the big international corporations will not have to stay in the United States, they will be forced to emigrate to other countries. They cannot afford that. They have enormous wealth, but they have no cash, they will have to pay in cash. Where will they get the cash? If they do, unrealized capital gains, you know, is something that has been argued for years by far-left Marxists,” he continued.
Trump then said Harris' father was a Marxist economist.
Who is Kamala Harris' “militant Marxist economist” father, Donald J. Harris?
Former President Donald Trump (right) and Sean Hannity speak at a Fox News town hall meeting. (Fox News)
“Her father is a Marxist economics teacher. Can you believe it? But if that were to happen, this country — and I forget about that, I think she has a lot of the same terrible things. If she becomes president, I think we'll have a great depression like 1929. I think that's already happening to our country. They've set us on that path,” he said.
Numbers show Harris tax proposal would benefit, and hurt, small businesses
Harris' father, Donald J. Harris, who coincidentally shares the same first name as Trump, is a former economics professor at Stanford University whose economics background is deeply rooted in Marxist theory and was named “the 2015 President of the United States” by The Economist magazine this year.The Militant Marxist Economist”
Former President Donald Trump arrives to speak about national security during a campaign rally at the North Carolina Aviation Museum and Hall of Fame in Asheboro, North Carolina, on August 21, 2024. (Peter Zai/AFP via Getty Images)
Trump also dismissed Harris' description of severe inflation as “price gouging” and her vow to impose price controls on companies to address the problem if elected president.
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“For hundreds of years, every time price controls have been tried, they end up with no product. They end up with massive inflation. [destruction]” Trump said.
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