Have you heard that Steve Forbes thinks Rand Paul has a good flat tax plan? Yeah, Steve freaking Forbes! Who…is Steve Forbes?
The name seems familiar…oh, right the magazine guy. The one who makes that list of top companies and wealthiest people. The one who endorsed his own version of the flat tax. He ran for president. Really?
Well, he actually campaigned for the Republican party nomination. It seems strange in the current market of young presidential candidates with personality that a guy who resembles the stereotypical nerdy CPA actually ran for president…twice (1996 and 2000), but it’s true. Not only did he run for president, but he had some of the best ideas in the election cycle. One of his favorites, as a businessman and a financial genius, was the flat tax.
Recently, Forbes has endorsed the flat tax plan of Rand Paul.
This may not seem like a big deal until you look at what a true flat tax will give the citizens of the United States. Paul wants a flat 14.5% rate across the board. This means that every individual taxpayer in the US will pay the same rate and every corporate entity will pay that rate also. Since this is in line with the lowest current rate, it would seem that federal revenue would decrease, but that is not the case. Paul’s plan would eliminate loopholes that allow wealthier individuals and corporations to decrease the overall amount they pay.
Unfortunately, this reasoning has been bandied before and has been roundly rejected. But who would reject an idea that would represent more revenue than the current system and decrease the complexity of the current tax code? As Forbes says, when discussing a flat tax proposal, “the simplicity is its best defense”. The lobby against such a proposal is those same wealthy and corporate interests who benefit the most from the current system. Of course opposition comes from the other side too saying beneficial programs would have to be cut, but this is just not true.
Paul’s plan would mean more revenue for the government, more money in the pockets of the average taxpayer and a fairer system all the way around. It seems almost criminal to object. What do you think? Leave a comment below to tell us whether you think Steve Forbes is right and a flat tax, such as that proposed by Rand Paul, is a step in the right direction.
WATCH: Steve Forbes Talks About Rand Paul And Flat Taxes
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