worst to one of the best.” [Donald J. Trump For President, Tax Reform That Will Make America Great Again, 9/28/15] TRUMP BELIEVED CORPORATE TAX BREAKS WOULD CURTAIL INVERSIONS Trump Supported Lowering Tax Rates In Order To Stop Corporate Inversion. “Trump also signaled he was willing to take on the issue of corporate inversion, by which companies are re-incorporated abroad as a way to skirt costs of doing business when based in the U.S., and said he had discussed the subject with American businessman Carl Icahn….His solution to the problem involves lowering corporate taxes. ‘Let the money come in, tax it at a much lower rate, and let the money come in,’ Trump said, adding. ‘This is money that could be spent in this country, and they can't get it in.’” [Bloomberg, 8/26/15; WADR, Bloomberg TV, 8/26/15] CAPITAL GAINS AND CARRIED INTEREST TRUMP’S PLAN LOWERED THE CAPITAL GAINS TAX RATE Donald Trump’s Tax Plan Would Cut Taxes On Capital Gains. “The top capital gains rate would be cut to 20 percent from 23.8 percent, through the elimination of Obamacare's 3.8 percent surtax. The first 15 percent capital gains rate would kick in at $100,000 for couples, not the current $74,900. But the 20 percent rate would kick in a little earlier: $300,000, not $464,850.” [Vox, 9/28/15] TRUMP PROPOSED HIGHER TAX RATES ON HEDGE FUND PROFITS Trump Would Increase The Taxes On Hedge Fund Managers Even If It Increased The Taxes He Paid. “‘I would change it. I would simplify it,’ Trump told hosts Mark Halperin and John Heilemann from the lobby of Trump Tower on New York's 5th Ave. Specifically, Trump targeted hedge fund profits, which are currently taxed at a lower rate than regular income. ‘I would take carried interest out, and I would let people making hundreds of millions of dollars-a- year pay some tax, because right now they are paying very little tax and I think it's outrageous,’ Trump said. ‘I want to lower taxes for the middle class.’ Asked whether his proposed changes meant he was prepared to raise taxes on himself, the billionaire framed his answer in terms of fairness. ‘That's right. That's right. I'm OK with it. You've seen my statements, I do very well, I don't mind paying some taxes. The middle class is getting clobbered in this country. You know the middle class built this country, not the hedge fund guys, but I know people in hedge funds that pay almost nothing and it's ridiculous, OK?’” [Bloomberg, 8/26/15; WADR, Bloomberg TV, 8/26/15] Trump Said It Was “Ridiculous” That Hedge Fund Managers Paid So Little In Taxes. “Republican presidential front- runner Donald Trump blasted hedge fund managers on Sunday as mere ‘paper pushers’ who he said were ‘getting away with murder’ by not paying their fair share of taxes. In a telephone interview on CBS's ‘Face the Nation,’ Trump vowed to reform the tax laws if elected and said the current system was harming middle class Americans who currently faced higher tax rates than traders on Wall Street. ‘The hedge fund guys didn't build this country. These are guys that shift paper around and they get lucky,’ Trump said. ‘They are energetic. They are very smart. But a lot of them - they are paper-pushers. They make a fortune. They pay no tax. It's ridiculous, ok?’” [Reuters, 8/23/15] Confidential Page 175