,i #aaeth ,,congress #ast ,session ,h4 ,r4 #badc ,,in ,,the ,,house ,,of ,,representatives ,april #be1 #bjag,mr4 ,vargas introduced the following bill2 which was referred to the ,committee on ,ways and ,means ,a ,,bill ,to impose a net worth tax of #ad4be percent on all individuals and trusts with a net worth of #aj1jjj1jjj or more4 #a4 ,short title ,this ,act may be cited as the ,donald ,j4 ,trump ,wealth ,tax ,act of #bjag4 #b4 ,findings ,congress finds the following3 7#a7 ,in #aiii1 then ,presidential candidate ,donald ,j4 ,trump said the following on ,good ,morning ,america regarding his wealth tax plan1 ,if ,i were president1 it would be passed4 ,i think if somebody else is president1 it probably can't be4 ''' ,this is a tax paid by #a percent1 but the #a percent will be very big beneficiaries with what's going to happen and the positive forces that would take place in the economy44 7#b7 ,in an interview with ,sean ,hannity on ,fox ,news in #bjae1 then ,presidential candidate ,trump described his #aiii wealth tax plan as a very conservative thing to do44 7#c7 ,the proposed tax plan1 according to then ,presidential candidate ,trump1 was expected to raise #e4g trillion and pay off the national debt in its entirety at the time4 7#d7 ,many prominent conservatives have argued reducing the national debt is crucial for our economic health and prosperity1 including the following3 7,a7 ,according to a #bjaa ,heritage ,foundation ,report1 ,saving the ,american ,dream1 ,our national debt now is nearly #gj percent of ,,gdp and on track to hit #ahe percent within #be years4 ,lower debt will remove the threat of financial crisis and restore the confidence of investors and lenders4 ,it will also sharply reduce the debt burden on future generations1 relieve the pressure on interest rates1 and help to secure our prosperity44 7,b7 ,republican ,national ,committee ,chairman1 now ,white ,house ,chief of ,staff1 ,reince ,priebus in his #bjad ,statement on the ,national ,debt ,increase stated1 ,spending more money than we have is immoral2 it hurts future generations who will be left to pay off the bills4 ,taking care of this generation shouldn't require robbing the next4 ,this is why ,republicans have fought for fiscal responsibility in ,congress44 7,c7 ,as the ,cato ,institute wrote in #bjaf1 ,the debt matters4 ,not only is it remarkably unfair to our children and grandchildren1 it is imposing costs today4 ,our economic growth is slower and our wages lower than they would be if it were smaller4 ,other political and economic priorities are being squeezed out4 ,interest on the debt was projected to reach #bfa billion this year1 and exceed #ejj billion by #bjbj even before factoring in the recent budget-busting deals44 7,d7 ,in ,august of #bjaf1 ,president of the ,committee for a ,responsible ,federal ,budget1 ,maya ,mac,guineas1 said1 ,the evidence is clear3 ,reducing our projected long-term debt will promote economic growth2 increasing debt will slow that growth44 7,e7 ,according to the ,,gop ,platform in #bjaf1 ,our national debt is a burden on our economy and families4 ,the huge increase in the national debt demanded by and incurred during the current ,administration has placed a significant burden on future generations4 ,we must impose firm caps on future debt1 accelerate the repayment of the trillions we now owe in order to reaffirm our principles of responsible and limited government1 and remove the burdens we are placing on future generations4 ,a strong economy is one key to debt reduction1 but spending restraint is a necessary component that must be vigorously pursued44 7#e7 ,since the beginning of the ,global ,war on ,terror1 the ,overseas ,operations in ,iraq1 ,afghanistan1 and other ,war on ,terror-related activities have added an estimated #a4g trillion to the national debt 7according to figures by the ,congressional ,research ,service and the ,congressional ,budget ,office74 7#f7 ,several academic and media reports project total spending and future obligations for the ,overseas ,operations in ,iraq1 ,afghanistan1 and other ,war on ,terror-related activities to cost between #d trillion and #f trillion 7a recent report by the ,cost of ,war project at ,brown ,university estimates the costs through #bjec as #d4gib trillion74 7#g7 ,if the ,donald ,j4 ,trump ,wealth ,tax raises the #e4g trillion that ,president ,trump expected it would in #aiii1 it would cover all current and future obligations incurred by the ,global ,war on ,terror and reduce the debt to ,,gdp ratio from #gg percent to #df percent4 7#h7 ,on ,february #bh1 #bjag1 ,president ,trump declared in his speech before ,congress that1 ,democrats and ,republicans should get together and unite for the good of our country and for the good of the ,american people44 7#i7 ,in the spirit of bipartisanship1 we introduce the ,donald ,j4 ,trump ,wealth ,tax to fulfill his promise to the ,american people and substantially reduce our national debt4 #c4 ,donald ,j4 ,trump wealth tax 7a7 ,tax imposed ,there is hereby imposed a tax equal to #ad4be percent of so much of the net worth of any individual who is a citizen or resident of the ,united ,states1 or any applicable trust1 as exceeds #aj1jjj1jjj4 7b7 ,valuation ,for purposes of this section1 net worth shall be determined as of the date of the enactment of this ,act under rules similar to the rules for determining the taxable estate of a decedent under chapter #aa of the ,internal ,revenue ,code of #aihf1 except that in the case of any married individuals1 the tax imposed by this section shall be determined jointly4 7c7 ,trusts ,for purposes of this section-- 7#a7 ,applicable trust ,the term applicable trust means any trust which is not treated as a grantor trust under such ,code and which is-- 7,a7 a domestic trust2 or 7,b7 any portion of a foreign trust which is allocable1 under such rules as the ,secretary of the ,treasury may prescribe1 to one or more beneficiaries who are citizens or residents of the ,united ,states4 7#b7 ,grantor trust ,the net worth of any grantor trust shall be taken into account by the grantor in determining the tax imposed by this section4 7d7 ,exclusion of principal residence and its indebtedness ,the value of any principal residence 7within the meaning section #aba of such ,code71 and any acquisition indebtedness 7as defined in section #afc7;h77#c77;,b7 of such ,code7 with respect thereto1 shall not be taken into account under subsection 7a74