"Patriotic Millionaire" Tells Eric Bolling That Trump's Economic Proposals Are Rigged To Help The Rich
Eric Schoenberg: "Why Should I Pay Such A Lower Rate On My Income Than The Average American Worker Pays On Their Own Income?"
Video ››› ››› MEDIA MATTERS STAFF
From the August 8 edition of Fox News' The O'Reilly Factor:
Loading the player reg...
ERIC BOLLING (GUEST HOST): Do you like or dislike this 15 percent corporate tax rate, down from 35 percent?
ERIC SCHOENBERG: Our perspective is that at a minimum the government shouldn't be increasing the overall level of inequality in the system. And the problem with all of these proposals is that's exactly what the impact is going to be. We don't know what the impact of this will be on the income taxes of Donald Trump because he hasn't released his income taxes.
BOLLING: Why are you focused on Donald Trump? How about the other 390 million, 999 thousand --
SCHOENBERG: Let's talk about an item that actually has an impact, which you just said in last segment, you're fully in favor of -- the elimination of the estate tax. One thing we can say with certainty based on Donald Trump's estimate that he has a $10 billion fortune, this plan is going to save him $4 billion.
BOLLING: So, let me get this straight. You're suggesting that Donald Trump put together this tax, this economic plan -- wide-sweeping, wide-ranging economic plan -- so that he can save money on his own taxes? So he could leave his kids --
SCHOENBERG: $4 billion, and my question for Donald Trump is why --
BOLLING: Why am I taxed for the second time when I leave my -- whatever I have earned to my son? Why is that a good idea?
SCHOENBERG: Well, let's also be clear. Your prior guest said, you know, there are lots of people who spend time worrying about estate taxes. The estate tax effects two out of every thousand Americans, the very richest 0.2 percent of the population. These are not people that I thought Donald Trump was expressing great concerns about.
BOLLING: I'm not sure that's accurate. You're saying --
SCHOENBERG: It's absolutely accurate -- two out of a thousand people.
BOLLING: Anyone who leaves money to an heir is going to be effected by the estate tax.
SCHOENBERG: Only if they have an estate of more than $10 million, as a couple.
BOLLING: I think it's $5 million.
SCHOENBERG: It's $5 million as an individual. And again, my question is, I would love to see Donald Trump and explain why it is in the interest of the average American worker for his family to save $4 billion.
SCHOENBERG: If you actually look at these proposals, the beneficiaries are going to be the wealthy people. Let's go back to the question you asked about lower tax rates on corporations. Now, I happen to have the -- I'm the chairman of the board of a corporation, which is an S corporation. As I understand it, although the details aren't very clear, he also intends to lower my tax rate to 15 percent on that income, and I'm asking a simple question: Why should I pay such a lower rate on my income than the average American worker pays on their own income?