"Little Steve" Forbes' Flat Tax

Tuesday, June 20, 2000   |   Posted by Jim Hightower
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{Music: "America the Beautiful"] What a great country we live in, huh? A place where any mother's child can grow up and run for president!

Like "Little Stevie" Forbes, who was raised in a simple mansion in New Jersy's hunt country, who pulled himself up by his Gucci bootstraps and made his money the old-fashioned way: He inherited it. Heir to the Forbes Magazine media empire, "Little Stevie" still lives simply on his New Jersey estate . . . and in his London townhouse . . . and in his French chateau . . . and on his luxury yacht . . . and on his own personal 747 Boeing jet.

And now, Malcolm S. (Stevie) Forbes, Junior is putting up $10-Million of his family's fortune to run for the Republican presidential nomination. But it's worth it because, you see, "Little Stevie" has a BIG dream: He wants to lower his taxes! Not just for him, though, but for all rich people.

Yes, his Flat Tax proposal is a humdinger. It would eliminate all estate taxes, as well as taxes on interest, dividends and capital gains.

This is simply divine for people like Stevie. His own annual tax bill under his plan would be cut by as much as $312,000 -- so you can see why he's so upbeat about it.

But if he effectively eliminates taxes for the privileged, who'll pay? Why you, my dear. His plan not only taxes your wages, but also your health care, pension and other benefits. Plus, he won't let you deduct for your mortgage-interest, state and local taxes, child care or medical expenses.

This is Jim Hightower saying . . . Forbes' Flat Tax Plan will flatten you. If you make $60,000 a year, for example, you'll pay $3,700 more in taxes under his plan than you do now. If you make $25,000 a year, you'll pay $2,900 more. Indeed, unless you make more than $200,000 a year, your taxes go up -- all so "Little Stevie" can lower his. Is this a great idea . . . or what?

Sources:
"Forbes's Silver Bullet for the Nation's Malaise" by Elizabeth Kolbert. New York Times, Jan. 1, 1996.
"Gop Candidate Forbes's Taxes Would Fall by More Than Half Under His 'Flat Tax' Plan" News Release by Bob McIntyre, Citizens for Tax Justice, 12/15/95.
"Richie Rich on the Stump" by Howard Fineman. Newsweek, July 24, 1995.

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