1. Short title This Act may be cited as the Donald J. Trump Wealth Tax Act of 2017 . 2. Findings Congress finds the following: (1) In 1999, then Presidential candidate Donald J. Trump said the following on Good Morning America regarding his wealth tax plan, If I were president, it would be passed. I think if somebody else is president, it probably can't be. … This is a tax paid by 1 percent, but the 1 percent will be very big beneficiaries with what's going to happen and the positive forces that would take place in the economy. . (2) In an interview with Sean Hannity on Fox News in 2015, then Presidential candidate Trump described his 1999 wealth tax plan as a very conservative thing to do. . (3) The proposed tax plan, according to then Presidential candidate Trump, was expected to raise $5.7 trillion and pay off the national debt in its entirety at the time. (4) Many prominent conservatives have argued reducing the national debt is crucial for our economic health and prosperity, including the following: (A) According to a 2011 Heritage Foundation Report, Saving the American Dream, Our national debt now is nearly 70 percent of GDP and on track to hit 185 percent within 25 years. Lower debt will remove the threat of financial crisis and restore the confidence of investors and lenders. It will also sharply reduce the debt burden on future generations, relieve the pressure on interest rates, and help to secure our prosperity. . (B) Republican National Committee Chairman, now White House Chief of Staff, Reince Priebus in his 2014 Statement on the National Debt Increase stated, Spending more money than we have is immoral