hillary clinton out in force armed with new ammunition against donald trump over his taxes. the "new york times" reports that trump record add $916 million loss in 1995, which would have allowed limb to legally avoid paying federal until taxes for up to 18 years. a clinton spokesman, hardly impartial we might add, call it is a bombshell. we'll listen for new reaction from hillary clinton this hour. she gives an economics speech in the battleground state of ohio. we have live pictures, i believe, from that event site. no. live pictures of me. bill clinton, he sshe on th he trail. and vice president joe biden in florida. there we go. that's where bill clinton will be speaking in saginaw, michigan. all right. not saginaw. that's biden in florida. live pictures from the joe biden florida event. as for donald trump, he started the day in virginia at a town
hall focusing on the military and national security and managed to get a dig in on hillary clinton's e-mail controversy. a new poll shows clinton's lead over donald trump inching up ever so slightly in virginia. she's at 42%. heaps at 35% and by the way, for senate policy, a one-point bump since the presidential debate. it you're hillary clinton you'll take it. jim acosta covering the trump campaign. and jeff zeleny from cnn following the clinton campaign. jeff joins now by phone. on the ground hillary clinton touched down a short time paago. what are we expecting to hear from hillary clinton when she speaks this hour? >> reporter: john, no question donald trump is going to be the subject of her talk here in ohio. she's not been to ohio for a month, but this is coming at a moment here where she is going to seize on that report in the "new york times."
she's going to talk about the fact that he has not paid taxes, and she's going to basically it working class ohio voters if that would work for them. so this is why the clinton campaign and democrats here believe that this has some resonance, because they believe, you know, that it really shines a light on some of donald trump's business practices, but it's that open question, if that will work, john. hillary clinton has not been to ohio for a month. completely unusual for most presidential campaigns. as you know, this is the mother of all battleground states and she is running behind here. donald trump has really attracted some deep and loyal support. this will be a test of that loyal support here this bombshell tax return report. the clinton pain ocampaign out new ad on television trying to press this point here. when she speaks in ohio sharp sharply -- shortly, she'll do this i expect throughout the
week. >> we'll bring that to you shortly when hillary clinton does take the stage in ohio and john acosta, pushing back to the "new york times" report? >> reporter: not much of a pushback, john. you recall over the weekend when the story first broke the "new york times" put that story out there, the trump campaign basically did not knock it down. only saying in a statement that, you know, basically this was illegally obtained in terms of that tax document, but, you know, the tax returns is something that the trump campaign is going to have to deal with. it show as loss of more than $91 million. tax experts say trump could have used that loss to avoid paying federal income taxes 18 years. the trump campaign did not challenge the report as i said, but his top surrogates have been trying to spin this issue as best they can on the sunday talk shows including our "state of the yoon yiunion" and rudy giul
saying he was genius. and answered the question one year ago at hofstra university saying he was smart for using the tax laws to his advantage. it's offer as glimpse how they're handling this. top aides saying trump will attack clinton today as someone who never create add job in 4er life. enriched herself. she and bill clinton enriched themselves post their white house years when he was president through speeches and through their, you know, dealings with various corporations. that, you know, the trump campaign is saying there was a pay for play scheme going on where the clintons would speak to some group in exchange for favors. obviously the clinton campaign has responded to they saying, no, that's not the case, but this is the trump campaign's way of saying, look, as a businessman, donald trump created jobs. they say that's a positive, but at this point we heard from donald trump earlier this morning. he had that event in northern virginia, another key, crucial swing area, he did not talk
about this income tax issue, was not asked about it, we should won't out, but he did not talk about it, but it sort of making headlines out of that event when he talked about post-traumatic stress dit order, generating headlines, john, where he said that some of the soldiers who were coming home were just not strong enough to deal with the effects of post-traumatic stress disorder and that is generating a lot of heat on social media right now. a lot of people firing back at that right now as we speak, but as of this point, donald trump has not really weighed in on this question as to what was going on with that tax return from 1995 and how apparently for 18 years he may not have paid income taxes to the federal government. john? >> jim acosta in washington. jeff zeleny in ohio. a sense what we'll see over the next few hours on the campaign trail. thank you very much. most of us want to pay as little in taxes as possible. how does a self-proclaimed billionaire possibly avoid paying income taxes almost two
decades and how does an allegedly successful businessman lose close to $1 billion in the first place? here to help explain, cnn money correspondent christina alesy. $916 million. h how much do we know how much he lost? >> reporter: his casinos under pressure, made a bad bet, had an airline facing troubles. all potentially losses that could have been reported in that 1995 return that we have. all that said, a billion dollars is a lot of money, and now tax experts that we've spoken to have said, real estate developers have a lot of leeway on what they can classify as a loss. so now tax experts are beginning to question, did he puff up those numbers? are they larger than they should be? and that's going to cause a lot of reporters like me and the rest of the cnn money team here
to do more digging on this, and this is raising more questions, even though we have more disclosure about him, than answering them for sure. >> and three bases of disclosure. nos disclosure, a leak. they didn't disclose it. if we get more ones we could ask for questions. how does this translate into 18 years of not paying federal income taxes if that's what happened? >> net operating losses. essentially when a business has more expenses than profit. the government wants to encourage risktaking. so it allows you to use those losses to offset future income which is great, because it incentivizes people, business people, to take risks with money. now, the problem is, do real estate developers and certain groups get an unfair advantage? right? a lot of people see this and say, i can't take unlimited losses on my tax, my tax return. why can he? so now the question is, you know, what's wrong with our tax
code, and potentially was donald trump too aggressive in using it? >> you just said, real estate developers have different rules that apply to them than the rest of us, but we can claim losses. yes? >> most people think when they think about the losses they claim, they're thinking about an investment loss. i bay stock, buy a bond, offset a loss on that particular stock or bond and anything in excess is capped on your gross income. you can only take the deduction for the offset on $3,000. so that's what gets people angry is that the tax code seems to favor the wealthy and real estate developers particularly, which is interesting, because donald trump says, you know, hedge funds get away with murder. well what do real estate get away with? and more importantly, does his tax plan actually address any of this unfairness? the answer is, no. it's a boon to wealthy people. if you look at it.
he wants to take away the death tax, many average people feel like, my god, that's terrible when i pass my money down to my children i'm taxed on it? let's clear up this fact. only 002% of americans pay the death tax last year. >> $5 million? >> yeah. it's $5 million, and the point is, not many people pay it. it's the wealthy people that pay it. don't get outraged about it. >> great to have you with us. ask some of these questions to the trump campaign. sarah huckabee in farmville, virginia, a big debate tomorrow night. the one and only vice presidential debate. your campaign has not questioned the validity of these documents the "new york times" got. assume for a moment that they are real, they are what they say they are. what does it say about donald trump's business acumen, that he lost $916 million in one year? >> look i think one of the real
reasons people respect donald trump is that he's made a lot of money. he's created a lot of jobs. and he didn't just do it once. he's done twice. after the recession in the '90s, rebounded to build a billion dollar empire and done more than one time. if anybody is upset ash donald trump not paying outrageous amounts of tax dollars the only person in this race they should be angry about is hillary clinton and their political cronies in washington. they wrote the law. all donald trump did was follow the law and in contrast to hillary -- >> doto be clear, hillary clint released her taxes for every year and paid taxes every year. donald trump tweeted i know our complex tax laws better than anyone who's ever run for president and the only one who can fix them, but his tax plan doesn't do anything to address the rules that allowed him to legally not pay federal income tax for up to 18 years.
does it? >> his tax plan provides tax cuts for all americans, particularly those at the lowest end of the spectrum. his tax plan is designed to help those at the lower and middle income and that's exactly what it does. those were penalized the most under the clinton policies and would continue to be put down into a box if we continue on this same path. donald trump is the only one that has in-depth knowledge how this system works. hillary clinton's been part of the problem and we need somebody to come in and change the problems that the clintons and their allies created in washington. >> sarah, yes or no. under his tax plan he would still be able to do this again hypothetically? right ask there's nothing he would change as far as these real estate deductions and allowances? >> i'm certainly not a real estate accountant, so i'm not going to pretend not even on tv i can get into the intricacies of that specific piece, just because i don't know, but what i do know is that his tax plan
helps millions of americans that have been ignored, and frankly pushed down to the bottom and kept there by the current policies instead of empowering them do to better. >> i want to move on to an event donald trump did this morning with a military veterans group in virginia, raw pack i believe it was called, and he talked about post-traumatic stress. something people on both sides of the aisle care deeply about. i'm sure donald trump cares about it also, but listen to how he addressed some military personnel who come home and deal with post-traumatic stress. >> when people come back from war and combat and they see things that maybe a lot of the folks in this room have seen many times over and you're strong and you can handle it, but a lot of people can't handle it. >> so people who deal with post-traumatic stress every day say that that's the absolute wrong message to send. plenty of strong people deal with post-traumatic stress. anyone can deal with post-traumatic stress and to suggest like he just did there that it's only not strong people
who suffer from it, that that's insensitive. what's your take? >> i don't think that was his message at all. i think his comments are being taken out of context. there's a reason that hundreds of top military leaders from around the country have endorsed and signed and and said in that room today to express their support for donald trump, because he's one of the -- he's the only candidate in this race that has made a major emphasis and a major part of his campaign to help veterans, to fix the v.a. harks has become a horrible problem and continued to get worse under obama and clinton, and we've got to have someone like donald trump who cares and fix that and to take that comment out of context and make it mean something it isn't is totally false. >> you agree, though, strong people, everyone can suffer from post-traumatic stress, correct? just to be clear. >> absolutely i do. >> all right. over the weekend both donald trump and rudy giuliani, who supports donald trump very much for president of the united
states, they both were talking about hillary clinton and her marriage. i want to play a little bit of that for you. >> i don't even think she's loyal to bill. you want to know the truth. and, really, folks, really -- why should she be. right? >> don't you think a man who has this kind of economic genius is a lot better for the united states than a woman, and the only thing she's ever produced is a lot of work for the fbi checking out her e-mails. >> on what basis is donald trump questioning whether hillary clinton has been faith until her marriage? does he have any evidence at all to make a statement like that? is that something he should be saying on the stump, sarah? >> look, i think the focus we need to get back to and the one our campaign tried to focus on but unfortunately the clinton campaign has such a failed record the only thing they can turn to are negative and fault attacks against donald trump. that's what they're trying to
do, he's responding to that, responding to their style of gutter politics which they've tried to do well, donald trump was the one -- >> talking about national security -- >> donald trump was on the stage in pennsylvania openly questioning whether hillary clinton had been faithful to her husband. that was not the clinton campaign that said that, was it, sa say sarah? >> no, but when hillary clinton went after donald trump on the stage at the debate she created it's atmosphere they were against. the only person that said the most offensive thing on the campaign this cycle calling millions of american women that support donald trump deplorable and irredeemable now she's gone after millions of young women that supported bernie sanders and said they're basically living in their parents' basement. two of the most offensive things said about women to date in this cycle and that's come from
hillary clinton. not donald trump. and i don't know why we're not focusing more on some of those things, particularly give than i think it shows the utter contempt that hillary clintilla has for any woman that does not vote for her. >> and talk about the comments made about brernie sanders. he actually agreed with them. took no offense. thank you for being with us, sarah huckabee. appreciate it. any minute now, hillary clinton will take the stage in toledo, ohio. these are live pictures of that stage in toledo. how will she respond to the tax return report from the "new york times"? how will she respond to donald trump's comments on the campaign trail about her loyalty to her husband? we're going ask the deputy communications director for hillary for america, christina shockey is standing just behind the camera right now as we speak.
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bill clinton is also on the campaign trail. he is campaigning in saginaw, michigan, at this hour. the clinton campaign is trying to reach out to younger voters. it is a big need for them, and some people say a big problem. according to comments made about bernie sanders supporters, posted this audio saying it came from a clinton staffer's hacked e-mail. listen to what hillary clinton said about bernie sanders's backers during a fund-raiser in february. >> some are new to politics completely. they're children of the great recession and they are living in their parents' basement. they feel that, they got their education and the jobs that are available to them are not at all what they envisioned for themselves, and they don't see much of a future, and so if you're feeling that you're consigned to you know, being a
ba recei ba recei barista, maybe you could be part of a political revolution is pretty appealing. >> joined by kristina schake, deputy communications director for the clinton campaign. the clinton campaign all weekend said we should play the whole sound bite to give it its full context and we did just there. >> actually it goes on further than that, but i'm so glad you brought it up. the trump campaign is trying to make something out of nothing, and bernie sanders said that on cnn yesterday. when you listen to the full tape, what she was saying, really urging supporters to have empathy and understanding for young voters, and to understand that they're really struggling economically. this actually came at the beginning of the tape. she talked about a young woman that talked to her about struggling with college debt, having a hard time finding a job, living with her parents and wanting to talk to hillary about what she would do for young
people. >> and called it indefensible, unworkable, indefensible. bernie sanders said tpart he agrees with, said he it sort of hurt his feelings when she said that. >> and in a heated primary, a spirited battle and ultimately didn't take offense because they were campaigning against each other. >> you said that, what donald trump is talking about is essentially nothing, but it's not nothing in the sense that hillary clinton is having trouble connecting with millennial voters to the extent that barack obama did the last two elections. the "washington post" has a fascinating article today where they went door to door in columbus, ohio and ohio state university trying to canvas for voters to sign them up and i think in that article they didn't sign up or register one voter or log one foreign support hillary clinton. which is an issue for the clinton campaign. isn't it? >> you know, john it is for us. something that hillary is taking
seriously. but she is actually winning ma len yams and we'll catch up to where obama was in 2012. she understands she has work to do and is out there doing it. talking about an economy that works for everybody. last week a speech close to her heart how to encourage national service. she's out there talking to young people about her values, her experience, the fight she's taken on her entire life and what she would do for the issues they really care about. >> she's talking but are they hearing? i can tell it's a problem for the campaign, because, you know, i can see. i have eyes. you see president obama addressing colleges. michelle obama going to colleges. joe biden going to colleges. hillary clinton appearing on between two ferns. there is a massive outreachest right now, and why are you confident that they will listen, millennial voters? >> she's still winning millennials. we're really proud of that and they have more at stake in this election than anybody else and hillary clinton is talking about
the issues they care about. one will take on climate change, make sure we continue with marriage quality, build an economy that works for everybody. that candidate is hillary clinton. we feel confident when more young people pay attention to the race and think about issues they care about that matter to them they'll see that hillary is their candidate. >> lebron james endorsing hillary clinton. >> yes. >> she's going to akron. he's not appearing with her? >> yes, but wrote an incredible op-ed, what he's fighting for, to give opportunities to young people and why schae ports hillary clinton. she's been fighting for children and families herer tine liar and and -- here her entire life. >> thank you for joining us. a cease and desist order against the trump foundation. odorrd the foundation to stop soliciting donations. senior investigative correspondent grew griffin joins us with detail and also jim
acosta covering the trump campaign. drew, i just had the letter put in front of me. is this over the fact the trump foundation doesn't have the proper registration here in new york? >> reporter: that's all it's about, john. apparently to have a charitable organization in the state of new york you need to be registered with the charity's bureau of new york state. you need to provide financial, audited financial statements annually. the new york attorney general's office has been looking into the trump foundation, realized, hey, this trump foundation in new york state is not registered in new york state and has not followed all the paperwork, and thus the attorney general, eric schneiderman sent basically a cease and desist order on getting solicitations in the state of new york. so right now the trump foundation legally, i guess can not accept donations from anybody in new york into its foundation, and this is all based on paperwork that has not been filed in the state of new york. >> you know, jim acosta, has the trump campaign had a chance to
respond? generally speaking, you hear about the new york attorney general, he is a hillary clinton supporter as democratic elected official? >> absolutely. that is in this response i just got from hope hicks, the spokeswoman for donald trump, in just the last few minutes that says -- no time for a graphic. we remain concerned about the political motives behind attorney general shnitchneidsch investigation, the trump campaign intends to fully comply. this is an ongoing legal matter, the trump foundation will not comment further at this time. john, very much the response from the trump camp since the beginning of questions raised about the trump foundation, you recall. there was that $25,000 payment to pam bondi, florida attorney general and just the recent revelations that came out that some of the trump foundation's money was used to pay off legal disputes that donald trump was
involved in regarding marra largo in florida, his golf course up in new york and so this is just another one of those questions for the trump campaign, for donald trump, about this foundation. why are there so many questions? at the moment the trump campaign and donald trump's chief spokesperson does not have a clear answer, other than they, they question the motives of this attorney general in new york. >> jim griffin. cease and desist order from soliciting donations in new york state. what does it all mean? coming up, we will discuss that with our panel. also, any minute now hillary clinton will take the stage in toledo, ohio. you're looking at live pictures right there. we're going find out what she has to say about the "new york times" report on donald trump's taxes. that's coming up.
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narrator: it wasn't that long ago. years of devastating cutbacks to our schools. 30,000 teachers laid off. class sizes increased. art and music programs cut. we can't ever go back. ryan ruelas: so vote yes on proposition 55. reagan duncan: prop 55 prevents 4 billion in new cuts to our schools. letty muñoz-gonzalez: simply by maintaining the current tax rate on the wealthiest californians. ryan ruelas: no new education cuts, and no new taxes. reagan duncan: vote yes on 55. sarah morgan: to help our children thrive.
all right. we do have breaking news coming from new york state where the attorney general eric schneiderman issued a cease and desist order against the trump foundation, ordering the foundation to stop soliciting donations here in new york state. i want to bring in our political panel to discuss right now. eugene cot, cnn politics reporter, and alan scott and national political reporter for the "new york times." alex, this deals with something actually first reported in "the washington post." a fine paper, not yours, fine nonetheless, who noted that the attorney general in new york said the trump foundation doesn't have the proper certification to solicit money. let me throw up as graphic here what the attorney general said specifically. the notice directs the trump
foundation to immediately cease soliciting contributions or engaging other fund-raising in new york and advise the chairman spe phied in section 172. technical talk, i don't want the trump campaign to raise any anymore. highway big a deal? >> comes out as excellent reporting by the "washington post" looking at a range of irregularities relating to the trump foundation, donald trump doesn't seem to donate money to and the money used for a range of interesting purposes. so i think this is not an inconsequential development, especially when his finances are already under scrutiny. >> hang on. eugene, alex, stand by. hillary clinton is speaking in toledo, ohio. let's listen in. >> -- every single child should have a chance to live up to his or her god-given potential. [ applause ] i could not be prouder to have lebron joins our team as we head into the home stretch.
now, one thing i know, i'll just say it. because i know it's for sure. i hope to be elected president, but i know -- here in ohio, lebron will always be the king. [ cheers and applause ] i was listening to kenyetta introduce me and i appreciate what she said because toledo is the place people work hard, look out after one another and, yes, pay their taxes. right? you know, you recognize that we all have to do our part, because we are all in this together, and it matters. we believe honest work deserves honest pay. we believe everyone should have the right to join a strong union that will always have your back. it's personal for me. i'm the granddaughter of a
factory worker from scranton, pennsylvania. he went to work in the same lace mill every day for 50 years. he believed, he passed it down to my dad, who passed it down to me, that if he did what he was supposed to do, he'd have a good life, and his kids would have an even better life n. that is the american dream. that is what we believe in. that is what has to keep going generation after generation, and because of my grandfather's hard work my dad made it to college. and then after serving in the navy during world war ii he started his own small business printing fabric for draperies. as a young girl i'd sometimes go to his print plant. it was a long building. no natural light. no windows, but he had these long tables where he'd roll out the fabric and then i'd watch him work with silk screens if you've ever seen that. he would take the silk screen, put it down, pour the paint in,
take the squeegee, go across all the way down to the end of one table then over to the next table, all the way back and then if there was a second color to be added he would do that. he sometimes let me help with the squeegee. that was my favorite part. and i -- i know he worked really hard. he worked really hard. he believed in hard work. he passed that on to me. he provided a good middle-class life for us. so i am proud to stand with hard working families all over toledo, ohio, and america who should have the same chance that i did to share in the american dream which should be big enough for everybody! [ cheers and applause ] you know, fighting for kids and families has been the cause of my life, as kenyetta said when i
went to work for the children's defense fund all thoef years ago and it will be the mission of my presidency because i want to focus on what i call kitchen table issues. you know, the ones that keep you up at night. like the cost of child care and college and prescription drugs and so much else. and that means we've got to create more good jobs. with rising incomes. that means we've got to have good schools in every zip code. that means everybody willing to work, and i say that very clearly, you've got to be willing to work, and if you're willing to work, you should be able to get ahead and stay ahead. that is the basic bargain. now, i don't know about you, but you wouldn't think that the theme of my campaign getting an economy to work for everyone, not just those at the top, would be controversial.
and yet this is one of the defining debates not jut st of this election but of our time. now, i would say most american company, most, are run by honorable, patriotic people who care about their employees and communities, but there are still too many powerful interests fighting to protect their own profits and privileges at the expense of every one else. and they are aided and abetted by the rules and incentives in our economy who actually encourage people at the top to take advantage of consumers, workers, small businesses and taxpayers. that makes it tougher for the well-meaning ceos to take the high road. and it gets even harder when we don't aggressively enforce the
rules. when we don't enforce trade rules that allow other countries with lower wages and standards to get an unfair leg up, when we don't enforce rules on wall street, which exhorts enormous pressure on publicly traded companies to prioritize boosting share prices in the short term over building real valley, investing in workers, plant and equipment over the longer term. and let's be honest. the tax code rewards corporations for outsourcing jobs, and their profits overseas instead of investing here in the united states. and -- it is riddled with loopholes that let the rich get even richer and make income inequality even worse. it tilts the playing field further against small businesses that can't afford lawyers and
lobbyists. so with all of these pressures pushing in the wrong direction, it's even more important that we have an election about these very issues. because what i know will happen if we have an election where we have an agenda that actually would begin to level that playing field, we will rebuild the middle class. we will make work pay. we will create greater opportunities for a great percentage of americans. now, i -- i know how hard this is. but i think we are on the cusp, if we win this election, to be able to get these things done. right? that means pursuing reforms that unleash the enormous, positive potential of the american
private sector. we've got unmatched talent, innovation, entrepreneurial spirit, so when we work together, we can all benefit. now, i believe corporations that benefit from everything america has to offer should field some sense of responsibility. not just to their biggest shareholde shareholders -- but to their workers, to their customers, to their communities and, yes, to our country. to the united states of america. [ cheers and applause ] we have been -- we have been moving off track for decades. i don't need to tell you that. you know it. you've lived it. you've seen it. but it is time to get back on track. [ applause ] and you can ask anybody who's ever worked for me or worked with me, who's ever served with
me, when i tell you i'm going to try to do something, i will get up every single day and work my heart out for you. [ cheers and applause ] so let's -- let's begin by making it clear that for most businesses, america is the most important asset on their balance sheet. this country of ours, this system of ours, the rule of law, the opportunity to get an education and go as far as your hard work and ambition will take you, and we created the biggest engine of economic growth in the world, the american middle class. so when the middle class thrives, the country thrives, and when it doesn't, we don't. right? and i'm going to use the white
house and every tool at my disposal as your president to make the case that patriotism is profitable. standing up for america, investing in america, will pay off. now, we have always had innovators and aun tra pentreprs who built real companies and create really value, but we should not and we will not respect those who get rich by cheating everybody else. so today i want to send a clear message to every board room, every executive suite across america, if you examine your customers, exploit your many employees, pollute our environment or rip off taxpayers, we will find ways to hold you accountable. [ cheers and applause ]
but on the other side, on the other side, if you do the right thing, and you invest in your workers, and your communities, and our country's future, we will stand with you. that is the choice. our goal is to make it easier for everyone to do better. now, to understand why this is so important, consider the recent examples we've seen of egregious corporate behavior. look at wells fargo. really shocking. isn't it? one of the nation's biggest banks, bullying thousands of employees into committing fraud against unsuspecting customers. secretly opening up millions of
accounts for people without their consent, even their knowledge. misusing personal information and then sticking customers with hidden fees. it is outrageous that eight years after a cowboy culture on wall street wrecked our economy we are still seeing powerful bankers playing fast and loose with the law. and then in a category by himself there's donald trump. well, you may have heard that he has long refused to release his tax returns. the way every other nominee for president has done for decades. you can look at 40 years of my tax returns. i think we need a law that says, if you become the nominee of the major parties, you have to release your tax returns.
now, a lot of us were wondering. what is he hiding? it must be really terrible. well, the "new york times" has discovered at least part of the answer. back in the 1990s, trump apparently lost a billion dollars in a single year. on bad investments and failing ka se casinos. now, how anybody can lose a dollar let alone a billion dollars in the casino industry is kind of beyond me. right? and it's just hard to figure. but as a result, it doesn't look like he paid a dime of federal income tax for almost two decades. now, while millions of american families, including mine and yours were working hard paying our fair share, it seems he was contributing nothing to our nation.
imagine that. not fair. nothing for pell grants to help kids go to college. nothing for veterans. nothing for our military. and you know, he has been dissing america in this whole campaign. right? he talks us down. he makes disparaging comments about our country. he calls our military a disaster. well, it's not, but it might have been if everybody else had failed to pay taxes to support our brave men and women in uniform. i -- i saw a newspaper article, and a gentleman named steve crouse who owns the glass city cafe here in toledo sums it up pretty well. he said, i would feel guilty if i didn't pay anything. it's flat out cheating the
government. now, my friend bernie sanders was right yesterday when he said, trump reflects a distorted view of the american people, and what this country is all about. now, trump represents the same rigged system that he claims he's going to change. the whole story tells us everything we need to know about how trump does business. after he made all of those bad bets and lost all that money, he didn't lift a finger to help and protect his employees. or all the small businesses and contractors he'd hired, or the people of atlantic city. they all got hammered. while he was busy with his accountants trying to figure out how to keep living like a billionaire and all the while using political connections to collect hundreds of millions of
dollars in government subsidies and extra tax breaks for his companies. in other words, trump was taking from america with both hands, and leaving the rest of us with the bill. now, he says he's the one who can fix things, but that is like letting the fox guard the hen house, right? here's what i am really just stunned by. i get stunned every day in this campaign, but here's one of the many things that i'm stunned by. he has put forth a tax plan that would cut his own taxes even more. it would be like you're playing zero. you expect us to pay you to stay in business, the rest of america? he would open the loopholes even wider. and according to a new
independent stud y he would actually -- listen to this, people, because this is a real shocker. his plan would actually raise taxes for millions of middle class families. and you know the people that would hit the hardest? are single parents, who lives and challenges he doesn't care about. certainly doesn't understand. now, many have likely already spent years paying more than he did. and he now would make that even worse. and what does he say about it? well, y'all see the debate last monday? [ cheers and applause ] well, in the debate -- in the debate -- [ crowd chanting "hillary" ]
>> well, then you all know in the debate he said it was smart to avoid paying taxes. yes his campaign was bragging it makes him a genius. here's my question. what kind of genius loses a billion dollars in a single year? this is trump to a "t ". it's taken corporate business and made a business model out of it. he abuses power, games the system, puts his own interests ahead of the country's. it's trump first and everyone else last. and there are lots of principled, law-abiding business leaders out there who are horrified by all of this. not a sing willing -- not a single ceo of a fortune 100 company supports trump's
campaign. think about it. i've been endorsed by very successful people. warren buffett, mike bloomberg, mark cuban. i love what mark cuban said when he endorsed me. he said, look, i've been successful. he really is a real billionaire. and you know what, he used profit-sharing to help his employees. not bankruptcy. to fire people. and when he sold his first company, he shared the profits with his employees. and 300 of them became millionaires. that's the kind of business practices i want to see more of in our country. but here's what we've got to do.
even if trump is one of a kind, we have to reverse the broader trends he represents. it's time to rewrite the rules and make this empty fair for everyone. and today i want to briefly share with you my plan for protecting taxpayers, consumers, small businesses and workers. we're going to crack down on the worst corporate abuses and empower companies willing to take the high road and invest in good jobs in higher wages and in stronger communities. first, let's start with protecting taxpayers and making sure we have more fairness in the system. it is wrong that corpses and the super wealthy play by a different set of rules. a wall street money manager should not be able to pay a lower tax rate than a teacher or a nurse. [ applause ] i'll tell you something else. our largest companies should not
be able to get away with paying hardly anything at all. it is insulting when they engage in these games like moving their heed qua headquarters over to a foreign country, just on paper, not in reality, to take advantage of lower tax breaks. it's infuriating when they take tax breaks on one hand and give out pink slips with the other hand. so, here's what we're going to do. we're going to close those loopholes. i have a list i'm going after. we're going to make wall street corporations and the super rich start paying their fair share of taxes. we're going to pass something called the buffett rule, which means multimillionaires cannot pay lower rates than their secretaries and other people working for them. we're going to put in place a new exit tax. if companies try to leave our
country to avoid paying their fair share, if they try to outsource jobs, they're going to have to give back every tax break they ever received in our country. and then we're going to put that money to work creating opportunities here in america. second, we're going to protect consumers. no american should ever be taken advantage of like thousands were by wells fargo. this isn't a new fight for me. as a senator, i raised the alarm about sun pride mortgages. i fought to hold reckless manufacturers accountable for toxic toys and household products that threaten our kids. i introduced legislation to protect americans' personal data and combat identity theft. so, as president, i will make consumer protection a top priority across the entire government. [ applause ]
and that starts by defending and empowering the consumer financial protection bureau, which was created after the financial crisis and the principal person who got it created was senator elizabeth warren. and under the leadership of ohio's rich cordray, the agency has already returned more than $11 billion to more than 15 million americans who were ripped off by predatory lenders, credit card companies and others. and it is the one making sure that the defrauded wells fargo customers get their money back. now, i've got to say, i am so proud of what this new agency has done. sometimes people say, well, you know, what does the government really do? well, there's a lot of examples,
but this is a primary one. standing up and making sure consumers get paid back when they are ripped off. and because of its success, republicans in congress keep trying to shut it down. and donald trump agrees with them. in fact, he wants to scrap all the tough new rules imposed on wall street after the crisis. well, not on my watch, donald. we're never going to let that happen. [ crowd chanting "hillary" ] now, instead of gutting consumer protection, we should be expanding it. we should build on the dodd/frank financial reforms and go even further because wall street can never, ever be permitted to threaten main street again. and the wells fargo scandal sheds light on another scandal to consumers we have to address.
when the scams victims, people like you and me who had accounts there tried to sue, they were shocked to learn there was a provision in the very fine print of their contracts that kept them from going to court to sue the bank for being cheated. instead, they are forced into a closed-door arbitration process without the important protections that you get in a court of law. we are not going to let corporation like wells fargo use these fine-print gotchas to escape accountability. and, in fact this is now common practice across a lot of industries, from nursing roemz. nursing homes that mistreat seniors to for-profit colleges that defraud students. you know, who reads all that fine print? i don't.
and you get defrauded or mistreated and they say all of a sudden, you can't sue us. they're going to reign in that abuse. we also see a similar problem in some international trade agreements, like the transpacific partnership. it sets up a dispute resolution system that favors large corporations over everyone else. it's one of the reasons i'm against it. i've warned about this for years. i've written about it. and i oppose tpp now. i will oppose it after the election. i will oppose it as president because it is one-sided and unfair to american workers! and what about all those pharmaceutical companies that jack up prices for no reason? we're going to have to protect ourselves against that, too. and when we find