Steve Forbes Argues for a Flat Tax
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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. ----- 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.
Comments
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Here is the list of countries with the flat income tax systems .
http://en.wikipedia.org/wiki/Flat_tax#Countries_that_have_flat_tax_systems -
How about a sales tax? You can get all the stocks in the world. You can earn and save as much money as you like. Invest, buy bonds, grant loans to people that they can use to jumpstart their productive activities, make as much money as you like and never pay a nickel of tax on any of it. But when you go to spend that money, that's when you have to pay up. I think that should be the least distortive tax. Raises revenue, while still preserving the structure of society as much as is possible.
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The American people need to wake up and realize this isn't America anymore. This is hell waiting to burn this place and all of the corrupted people in it.
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i never said they would be paying a higher percentage if a flat tax was in place,i said with a flat tax they would be paying more because they bring in more.i then said a higher percentage would just be a jealousy tax.
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Of course the rich would pay more money because the tax is a percentage of your income. They are paying the same rate. How would the rich pay a higher percentage if they were paying a flat tax?
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It's interesting that he stated that no one knows what is in the 9 million odd words of the tax code. A similar statement was made about the health care act when it was passed. Perhaps it's time to read regulations and bills before they are passed into law.
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An estate tax is necessary because most CEOs do not get paid in cash but in stock. The stock is not taxed until it is sold. If the stock is never sold it will be passed on to the estate without anyone paying any taxes. The result will be trillions being passed on from generation to the next without anyone ever paying a dime in taxes.
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Flat tax has standard deduction
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he even broke that promise to.he said only ppl making more than $250,000 will see an increase but i make 80K and have seen my taxes go up already.
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there is a big difference between expecting the rich to pay their fair share and punishing them for having money.if you tax them un fairly they will simply move away and take their money with them.
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It's not really a flat tax any more when you start adding exemptions in, now is it?
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17% - not bad at all.
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whats wrong with privatizing?do you really want the government into everything?
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having eveybody pay the same tax rate is privatizing?i too am from the middle class but i simply dont feel that someone who is good at attaining wealth should be penalized for it but i dont believe they should get tax breaks either.a person bringing in 1 million dollars is still gonna pay alot more than we do in taxes under a flat tax rule.if you are poor and you want to close the gap then maybe its time to better yourself....i did.
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"why not give it".so your basically saying it a person has no right to attain wealth and should be forced to give it away?i think everyone should pay their fair share in taxes but thats just wealth dispersal.
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actually i think its fair,every single person pays the same amount per dollar.poor people would pay much less than a wealthy person.the true question is how many breaks do we give poor people before we take away the incentive to better theirselves?
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the fact is if you have a flat tax then the wealthy are already paying more.if you have them paying a higher percentage then its just a "jealousy tax".
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LMAO!! This comment is crazy!
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Fair tax Gary Johnson Flat tax Rick Perry Fair tax please
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My oh my how the discourse has changed over the decades. If you proposed a flat-tax to the everyday working man of the 1930's, he would laugh it off and dismiss it as phony business propaganda. In this day and age, a flat tax is considered a bastion talking point of the populace; a big middle finger to Big Government tyranny. Joe the Plumber and the Chamber of Commerce now have a grotesque harmony of policy interests.
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