• With: Donald Trump

    This is a rush transcript from "On the Record," July 25, 2012. This copy may not be in its final form and may be updated.

    GRETA VAN SUSTEREN, FOX NEWS HOST: Donald Trump says the president is picking a fight not with him, but with business owners, President Obama taking a lot of heat for saying, If you've got a business, you didn't build that. Now the president says he meant the business owners didn't build the bridges and roads that businesses need.

    What does Donald Trump think? We asked him earlier.

    (BEGIN VIDEOTAPE)

    VAN SUSTEREN: Donald, nice to talk to you.

    DONALD TRUMP, TRUMP ORGANIZATION (Via Telephone): Hi, Greta.

    VAN SUSTEREN: Donald, the president has said that you did not build it and he says that the Romney campaign has taken his statements out of context. I'm curious, your thoughts on the -- what the president meant or how you took what he meant when he talked about people not building it. And I realize there's more to the quote than that. But what's your thought on it?

    TRUMP: Well, I think really it's a very, very tough statement. People are very upset by it. It really has energized a lot of people in this country because maybe the truth is coming out finally about President Obama and his attitudes.

    It is a very, very hard thing for people that work 20 hours a day on - - whether it's building a business or just working on jobs where they build great things -- it's very hard for those people to take when they hear a statement like that. It's a very, very difficult statement for them to take.

    VAN SUSTEREN: Does it reflect a bigger ideology and sort of a real difference between the two candidates, President Obama thinking perhaps that the government has a greater role in helping business and the Republican view, Governor Romney's view, is that it is the individual who has the greater role in building business?

    TRUMP: Well, I think it does reflect ideology. There's no question about it. I think this is where Obama comes from in the first place. This is what he really believes. This is what he thinks.

    I think he wished he didn't make the statement because it's gotten tremendous heat. And you see other things -- I mean, not only this, but other things are leading to a point where as of yesterday, Romney is leading in various polls and doing very well.

    So people are not wanting to hear that in this country. When you look at what's happened with this country, how this country has built itself up from its bootstraps -- I mean, how they've worked -- people have worked so hard. And forget about Donald Trump. I mean, people and I do work hard. And I'm proud of that. But people are working hard, and then they hear a statement like this, they don't like it.

    VAN SUSTEREN: Vice President Biden has said that the wealthy do very, very well and do not need a tax cut. Now, I think it's indeed true that Donald Trump -- you're very wealthy. You do not need a tax cut. But tell me how a tax cut, or the continuation of the existing tax rate for you -- what it does for you, in terms of job creation? Are you more likely to create more jobs if it stays as it is or not? What's the real impact on business?

    TRUMP: Well, Greta, look at what's happening right now. It's stagnant. Everybody's just holding back. Nobody knows what's going to happen. Nobody wants to invest in this climate. And people that have money are holding back. Banks are afraid to make loans. It's a mess.

    And you look at the taxes, you look at what's going on with the taxes, where some people want to just take -- where you have almost a majority now of people that don't pay any tax in the country. And at some point, it's got to stop.

    But something I say that I don't hear a lot of other people saying is where is this money being spent you? You know, they raise your taxes and they keep raising your taxes, and then you look at Solyndra and you look at all of these horrible investments that, frankly, investment bankers should be making, not the government. Our government shouldn't be making an investment in Solyndra.

    Solyndra -- they take hundreds of millions of dollars and then just blow it in a matter of weeks. And this is where our tax money goes. It goes to Iraq. It goes to other countries that no longer respect us, don't respect us. It's going to blow to hell (INAUDIBLE) you see what happened with Iraq yesterday, where 100 people were killed. And we're in there for $1.5 trillion, and we have nothing to say about it.

    So a lot of people not only disagree with the tax hike -- and you're talking about a very substantial tax hike -- they want to know where's their money going to? Is it going to continue to be thrown away like they've been throwing it away? It's a very difficult thing.

    And then just to end it is -- we are in such a fragile world right now in terms of this economy that to be raising taxes now on job producers is a very, very dangerous thing to be doing.

    VAN SUSTEREN: Well, I -- it's very dangerous if it has a direct impact on your job creation. And I'm curious whether or not, as a realistic matter, is that, you know, forget whether, you know, people think it's fair or not fair, whether, you know, who's paying taxes, who's not paying taxes. Would a job -- would a tax hike have an impact on how many jobs Donald Trump creates beginning January 1?

    TRUMP: Well, it would, but if you look at ObamaCare, that's 21 different tax hikes. You know, if you look at that -- I was reading this morning that there are in there 21 -- at a minimum, but 21 different taxes. And you're talking about a tax hike of 21 different taxes, and in some cases, new taxes being put on. And even the Supreme Court said it was a tax.

    So you look at that and you add that with everything else, and it certainly does have an impact. We're not talking about small tax increases. We're talking about very major tax increases, and maybe the biggest tax increase of all is ObamaCare.

    VAN SUSTEREN: Well, I -- one of the things I think that should be put into the mix in discussion is, at least, as I've seen the estimates, is that if the tax cuts do expire so those who make more than $250,000 a year -- it means that we can fund the federal government for another eight days. I don't know what we're going to do about the other 357 days...

    TRUMP: Right. It's a very, very small amount of money. Absolutely.

    VAN SUSTEREN: Yes. So I'm trying to sort of, like, are the eight days worth any sort of impinging on the people who might create jobs if they don't -- if they have a continued tax rate? That's what I'm trying to measure.

    TRUMP: The answer is no. And if you look at what Ronald Reagan did, he started cutting taxes and the economy started to grow and it became great. An frankly, it's such a wrong answer. And people really have other choices.

    You know, people with money can go to lots of other countries to invest. They can go to China. They can go to India. They can go to many other places. It's no longer like in the good old days, where you go to a different state. If you don't like New York, you can go to Florida.

    Today, if you don't like this country or if you don't like a certain area where you are because taxes are too high, you can invest in other countries. And you can be there in five hours on a plane. So it's a very different world than it was even 10 years ago.

    VAN SUSTEREN: All right, Secretary of Treasury Geithner today testifying before the House Financial Services -- he said this, in part. And I'm curious whether or not you agree with him. He said that -- that what is happening in the country is that -- as a result of the Obama administration policies, that increased credit -- that is becoming more available at banks. Has -- is that true? Do we have more stable banks and increased credit?

    TRUMP: If you're very rich and if you want to borrow money, if it's Donald Trump, believe me, it's very easy to borrow money right now, very, very easy. And I get it at such a low rate, it's incredible. I've never seen anything like it.

    If you're a very fine person and a very good developer or business person and you're trying to build a business and you want to borrow money, you cannot get money at any price. The banks are not loaning money to people that want to build businesses. And that's a real problem for the country. It's never been like this.

    So the rates are very good, if you don't need the money. If you don't want money, they want to loan you money. If you need money, you cannot borrow it at any rate.

    VAN SUSTEREN: Well, so is there increased credit? I mean -- I mean, one of the ways that we sort of rev up the economy is that people go out and build things or they go out and create things, but they also -- they borrow money in order to have that happen. If you're not a Donald Trump, if you're not a -- you know, if you're not a billionaire -- let's say you're only a millionaire -- are you able to get credit to expand your business right now? Is the secretary right that credit is more available?

    TRUMP: The answer is no, you cannot get credit. If you need money to build a business and you're a very solid citizen with good credit ratings and everything, but you need money to build a business, but you don't have a lot of money, but you have great ideas and great concepts and it's a wonderful business or development if it were real estate, you cannot get money. No.

    VAN SUSTEREN: Is there anything that the Obama administration has done that you think is really smart to help the business community to create jobs?

    TRUMP: Look, I think they're trying. Obviously, they have to be trying. It's inconceivable to think that they're not. But certainly not a lot is happening to help the business community. Business is in a funk. They're in a total funk right now. They're just not moving.

    They're afraid to move. Whether it's ObamaCare happening and what's going to be the next thing that comes down the pike. So business is not moving. It's stagnant. They don't have confidence. I'm sure they're trying. You know, I mean, Geithner is a good man. They want to...

    VAN SUSTEREN: But that's -- but that's sort of...