Donald Trump: 'This will be a 1929 depression'
Former President Trump shreds Vice President Kamala Harris' economic ideas during a Fox News town hall moderated by Sean Hannity.
Former President Donald Trump declared during his Fox News town hall on Wednesday that the U.S. will fall into an economic depression if Vice President Kamala Harris wins the general election on Nov. 5.
"This country will end up in a depression if she becomes president. Like 1929, this will be a 1929 depression. She has no idea what the hell she's doing," Trump said from the New Holland Arena in Harrisburg, Pennsylvania.
"I gave you the biggest tax cuts in the history of our country. If you let them. If you let the Trump tax cuts expire, which she wants to do, she wants to terminate them. If you do that, you will suffer the biggest tax increase in history. There's never been a tax increase like it, on top of which she wants to add a lot of tax," Trump argued of Harris' economic agenda.
Trump joined Fox News' Sean Hannity for the town hall on Wednesday evening, when he spoke about top voter concerns, including the economy and ongoing inflation woes.
Harris proposed a 28% tax on long-term capital gains on Wednesday for households pulling in an annual income of $1 million per year, which is lower than President Biden's proposed 39.6% rate in his 2025 fiscal year budget.
HERE'S WHAT KAMALA HARRIS' TAX ARMAGEDDON WILL COST YOU AND THE US ECONOMY
Former President Donald Trump speaks from Harrisburg, Pennsylvania, during a Fox News town hall. (Fox News )
"What if unrealized capital gains taxes were implemented, what would that do?" Hannity asked Trump following the Harris campaign's announcement.
"She wants to do that. This is where you have something, you don't even know what the value is. I tell you what, if that's going to happen, go out and open an appraisal company because you're going to make a fortune. That's about the only group that's going to make it. And accountants, it is the craziest idea," Trump responded.
Democratic presidential nominee Vice President Kamala Harris speaks at a campaign event at Northwestern High School in Detroit on Monday, Sept. 2, 2024. (AP Photo/Jacquelyn Martin)
"And remember this, very rich people and big international corporations, they don't have to stay in the United States, and they will be forced to leave for other countries. They can't afford to do a thing like that. They may have great wealth and no cash, and they're going to have to pay cash. Where are they going to get the cash? If they do that, the unrealized capital gain, it's, you know, it's been talked about for a few years by ultra-left Marxists," he continued.
Trump then said Harris' father is a Marxist economist.
WHO IS KAMALA HARRIS' 'COMBATIVE MARXIST ECONOMIST' FATHER, DONALD J. HARRIS?
Former President Donald Trump, right, and Sean Hannity speak during a Fox News town hall. (Fox News )
"Her father's a Marxist teacher of economics. Can you believe this? But if that happened, this country and I think forgetting about that … shes got a lot of things that are just as bad. If she gets in, I think we will have a depression, 1929-style depression. That's what I think will happen to our country already. They've set us on a path," he said.
NUMBERS SHOW HARRIS TAX PROPOSAL WOULD GIVE TO SMALL BUSINESS WITH ONE HAND, TAKE WITH THE OTHER
Harris' father, Donald J. Harris, who coincidentally shares the same first name as Trump, is a retired Stanford University professor of economics, whose economic background is steeped in Marxist theory, which earned him the description from the Economist this year as a "combative Marxist economist."
Former President Donald Trump arrives to speak about national security during a campaign rally at the North Carolina Aviation Museum & Hall of Fame in Asheboro, North Carolina, on Aug. 21, 2024. (PETER ZAY/AFP via Getty Images)
Trump also brushed off Harris characterizing crippling inflation as "price gouging" and her vow to install price controls on companies to combat the issue if elected to the Oval Office.
CLICK HERE TO GET THE FOX NEWS APP
"Every time it's been tried, no matter over hundreds of years, not just over hundreds of years, price controls, you end up with no product. You end up with massive inflation, and you end up with [destruction]," Trump said.
More from Politics
Fox News Politics
Get the latest updates from the 2024 campaign trail, exclusive interviews and more Fox News politics content.
By entering your email and clicking the Subscribe button, you agree to the Fox News Privacy Policy and Terms of Use, and agree to receive content and promotional communications from Fox News. You understand that you can opt-out at any time.