The only deductions would be for yourself, your spouse and your children. I emailed Forbes requesting an update, and he responded: “The flat tax is simple, comprehensible, and fair. Read more about the original Forbes flat tax and notice how it shifts the economic power from Washington to us. The flat tax would eliminate the class envy argument, abolish the hated Internal Revenue Service, and put more money in the pockets of people who earn it, instead of sending greater amounts to the government, which only knows how to spend and misspend it. households paid no federal taxes in 2021, up substantially from the 44% before the pandemic, Democrats have repeatedly made political hay out of denouncing “the rich” and “big corporations” for not paying their “fair share.”
Though the nonpartisan Tax Policy Center estimates 57% of U.S.
There was much more, including necessary reforms in Social Security and Medicare, but the flat tax was key.ĭemocrats, especially, have benefited politically from the graduated income tax. He proposed eliminating “unfair double taxation of personal savings, Social Security, pensions, capital gains, and dividend income (effectively turning) all savings and investment accounts into Roth IRAs: You deposit after-tax income, let your money multiply in value with compound interest, and then withdraw your money tax-free.”įorbes also wanted to erase the “The unfair alternative minimum tax and ‘death’ taxes,” calling them “regressive taxes that hurt working families, small business owners and especially farmers who want to pass their farms on to their children.” Coupled with a serious reduction in wasteful and unnecessary spending, a flat tax could revive the economy for decades to come.įorbes proposed a 17% flat tax with generous exemptions of $13,000 for each adult and $5,000 for each child.
When magazine publisher and Republican Steve Forbes ran for president in 1996, the flat tax was at the heart of his campaign.įorbes lost the nomination to Bob Dole, who lost the election to Bill Clinton.
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