President Obama’s proposal for nearly $1 trillion of tax increases over the next 10 years doesn’t sit well with real estate mogul Donald Trump.
“I don’t like anything having to do with raising taxes,” he tells CNBC.
Under Obama’s plan, “taxes will be raised very substantially for a lot of people, and a lot of people creating jobs,” Trump warns.
The tax increases apply to corporations and people making more than $200,000 per year.
Trump voiced particular scorn for Obama’s idea to curb the mortgage tax deduction for wealthy Americans.
“When you take away the mortgage deduction in the midst of the worst housing crisis probably ever, that certainly doesn’t seem to makes sense,” he says.
Trump also opposes cutting deductions for charitable contributions.
“That’s amazing — no major deductions for charities, which have been dying thanks to Madoff and other things,” he says.
“What’s going to happen to them now?”
With all the government spending, though, Trump is bullish on one real estate market. “I just bought 800 acres of land in Virginia outside D.C. on the Potomac,” he explains.
“The reason I did it: I see Washington as the only place growing in the U.S. It will own the banks, car companies, everything.”
Trump isn’t the only business bigwig to oppose Obama’s tax plan.
“Raising tax rates, especially in an environment like this, is not good for the economy,” says Forbes magazine publisher Steve Forbes.
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