Steve Forbes Argues for a Flat Tax

Complete video at: http://fora.tv/2008/08/07/Steve_Forbes_Elections_and_the_Credit_Crisis

Forbes Magazine Editor-In-Chief and two-time Republican Presidential candidate Steve Forbes slams U.S. tax codes as inefficient and overly complicated, and argues for the implementation of a national "flat tax" to replace the current system.

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Leading economic prognosticator, Steve Forbes says the upcoming presidential election is the most critical since 1980. At that time, Ronald Reagan defeated incumbent Jimmy Carter, ushering in dramatic new policies that would set the course of this country for the next quarter-century.

What course does Forbes believe the country should take to end the current credit crisis? Will he promote a flat tax, medical savings accounts and a new Social Security system as he did for his 1996 and 2000 presidential platforms?

Join us as we discuss what's next for the U.S. economy - The Commonwealth Club of California

Steve Forbes is President and Chief Executive Officer of Forbes and Editor-in-Chief of Forbes magazine.

Since Mr. Forbes assumed his position in 1990, the company has launched a variety of new publications and businesses. They include: Forbes FYI, the irreverent lifestyle supplement; Forbes Global, the magazine's international publication; and Chinese, Korean, Japanese, Brazilian, Russian, Arabic and Hebrew editions of the magazine. Forbes also publishes the Gilder Technology Report, as well as a number of investment newsletters.

In 1997 Forbes entered the new media arena with the launch of Forbes.com. The site now attracts over seven million unique visitors a month and has become the leading destination site for business decision-makers and investors.

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News & Politics

Tags:

• taxes
• taxation
• policy
• codes
• income
• progressive
• reform
• flat
• fair
• vat
• value
• added
• tax
• proposal
• revenues
• economy
• foratv
• fora.tv
• fora
• tv

[RANGERSTRIDER1]

FORBES FOR PRESIDENT 2012 !

[RocketRitch88]

The more I learn about Flat Tax the more I like it. I am not a big fan of Fair Tax because there is nothing fair about it. They are simply shifting the tax burden from the consumer onto the business. That is going to hurt small business growth with increased taxation. Small businesses are the lifes blood of this country responsible for 96% of GDP in the US.

[TenaciouslyWinning]

11 people are tax accountants

[coflex09]

iluminatti, scumbag.

[Dogwarrior]

@TheDukeljk The Democrats have the low end guys fooled into thinking they aren't paying any income taxes. The truth is they don't pay taxes on their own income... but pay the incomes taxes for all businesses. Why this matters is Obama can scream I'm only going to tax the rich people... who are the business owners. So when he raises their taxes they just pass the cost of these taxes along to the consumers in higher prices... and some of these consumers are poor. They pay thebuisnesses taxs

[TheDukeljk]

@Dogwarrior how about the low end freeloaders that pay nothing?

[Dogwarrior]

@lvll138inrs A fair tax is what they are calling a national sales tax.

[Dogwarrior]

Based on the $46,000 deduction and 17% tax rate... For a family of four IF they made $50,000 they would pay an income tax of only $680. If they made $100,000 they would pay $9,180. If they made $250,000 they would pay $34,680. And if they made a million dollars they would pay $162,180. If they were a rock star or movie star of politician and made 10 million dollars they would pay $1,692,180. I like it. No loop holes for the rich.

[diotrephes]

Did you even listen to the video??? Example: "17% flat tax would apply AFTER generous exemptions", also, "A family of four for example, no tax on your first $46,000 of income, no tax on savings, and no death taxes..."

[TheBrindleBoxer]

The reason we don't have a flat tax is because it isn't a fair tax system. The reason it isn't fair is the economic Law of Diminishing Marginal utility. Let's assume under a flat tax system, everyone pays 20% income tax. Well, paying 20% of a $30,000 a year income hurts a person a LOT more than paying 20% of a $300,000 a year income.

[lvll138inrs]

whats the difference between fair tax and flat tax?

[tigerhop]

The IRS is bigger than all other programs combined.