Trump: As A Beneficiary Of Broken Tax System, I Am The One That Can Truly Fix It

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Donald Trump talks about his business history and his record as a taxpayer at a campaign rally in Pueblo, CO. Trump said Monday that he recognizes that the tax system is unfair, but as a businessman he had a fiduciary responsibility to take maximum advantage of it.

"On the campaign trail I have often said that I have a fiduciary responsibility to pay no more taxes then is legally required. Put another way, to pay as little tax as legally possible," he admitted, regarding charges from Hillary Clinton that his efforts to avoid paying taxes are an abuse of the system.

"I understand the tax laws better than almost anyone. And that is why I am one that can truly fix them," he continued.

"Fixing our broken tax code is one of the main reasons I'm running for president," he also said. "The unfairness of the tax laws is unbelievable. It is something I have been talking about for a long time, despite being a big beneficiary of the laws."

He added: "But I'm working for you now I'm not working for Trump."

He further touched on his tax return leaked to the New York Times, saying: "The news media is now obsessed with an alleged tax filing from the 1990s at the end of one of the most brutal economic downturns in our country's history... Many business people, including many of my competitor and some of my friends, were not able to survive."

He added: "Some of the biggest and strongest people and companies went absolutely bankrupt-- which I never did, by the way."

"I would have loved to use that card, but I never had to," he said about declaring personal bankruptcy. Trump has only ever used bakruptcy for single failing companies he owned.

"Today, my company is bigger, stronger, has far greater assets than it has ever had before... We have never employed more people.... Which is a thing that frankly makes me most happy," he said.

"That did not happen by chance and luck, it happened by talent and action."

Transcript:

DONALD TRUMP: I've also made a centerpiece of my economic revitlization plan the largest middle class tax cut since Ronald Reagan, and the largest regulatory reform in American history.

Hillary Clinton is going to increase your taxes very, very substantially, and she admits it. At least she admits it. At least she admits it.

That is because I know how overtaxed and overregulated the working people and companies here are. A central issue I would like to address today is our broken tax code. It's an issue of concern to all Americans. Along with securing our borders, rebuilding our military, keeping us safe from terrorism, redoing the trade deals and bringing back jobs (they are one and the same), fixing our broken tax code is one of the main reasons I'm running for president.

I have been saying from the beginning of the campaign how ridiculous, complex, and unfair the tax system is. It is an unfair system. And do complex that very few people understand it. Fortunately, I understand it.

This is not the fault of the IRS, but the political class that is owned outright by the special interests and lobbyists, believe me. It is these politicians who wrote the tax code and are constantly adding, revising and changing an already over-complicated set of laws, all at the behest of their favorite donors and special interests, who want certain provisions put in. And they won't take no for an answer.

It's thousands of pages long and almost no one understands it. The average American would need an army of accountants and lawyers to wade through it. Many so-called experts, due to their sheer size and complexity don't have a clue what these pages represent. These are experts. They get paid and they don't know what it represents.

The unfairness of the tax laws is unbelievable. It is something I have been talking about for a long time, despite being a big beneficiary of the laws. But I'm working for you now I'm not working for Trump...

I understand the tax laws better than almost anyone. And that is why I am one that can truly fix them. I understand it, I get it. That is what I commit to do. With fairness. We want money brought in, and we want money to be spent when it goes out. Because they spent our tax dollars so unfairly and unwisely. Remember that.

As a businessman and real estate developer, I have legally used the tax laws to my benefit. And to the benefit of my company. I have brilliantly used those laws. On the campaign trail I have often said that I have a fiduciary responsibility to pay no more taxes then is legally required. Put another way, to pay as little tax is legally possible.

And I must tell you, I hate the way they spend our tax dollars.

Believe me, that makes a difference. As a major real estate developer in this country, and throughout the world I face enormous taxes. City taxes, sales taxes. Employee taxes. Federal taxes, VAT taxes in other countries. It's my job to minimize the overall tax burden as much as possible. Which allows me to reinvest in neighborhoods, in workers, to build amazing properties... And always help our great providers of jobs, and we have to help our small businesses.

The news media is now obsessed with an alleged tax filing from the 1990s at the end of one of the most brutal economic downturns in our country's history... The conditions facing real estate developers in that early 90s period were almost as bad as the Great Depression... and far worse than the great recession of 2008.

What had been a booming economy in the era of Ronald Reagan changed dramatically, and the business landscape changed with it... the absolute total implosion of the savings and loan industry, and the complete explosion of the retail market and real estate in general.

Many business people, including many of my competitor and some of my friends, were not able to survive. Companies, jobs, opportunties and lives were destroyed... Some of the biggest and strongest people and companies went absolutely bankrupt-- which I never did, by the way. Are you proud of me?

I would have loved to use that card, but I never had to.

Today, my company is bigger, stronger, far greater assets than it has ever had before... We've never done better. It is the strongest we've ever been, and we have never employed more people.... Which is a thing that frankly makes me most happy. That did not happen by chance and luck, it happened by talent and action.


Watch Trump's full Pueblo speech:

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