It's About the Economy
Publisher and former presidential candidate Steve Forbes says a flat tax is still the best way to balance the
budget and get the economy moving again. (Not to be confused with a Fair Tax)
"I think about 26 countries have the flat tax now, and it’s worked wherever it’s been tried," Forbes tells The
Fiscal Times.
"You have a low rate, generous deductions for adults and for children, and you can literally do your tax return on a
single sheet of paper.”
The $200,000-to-$250,000 a year incomes President Barack Obama considers “rich” occur during a couple’s
peak earning years, says Forbes, making increasing taxes on salaries unfair.
“Also, because of our tax code, a lot of businesses are taxed at personal rates, so it will hurt businesses that
employ 20-50 people,” he says. “It’s a capital destroyer.”
“Buffett only pays 17 percent of his income in taxes. When he talks, he mixes taxes on dividends and capital gains
with taxes on salaried income.”
In this country, Forbes explains, salaried income is taxed at the federal level at the high rate of 35 percent, and
when state income taxes are added that figure can rise to 45 percent.
“Raising taxes on dividends, which Buffett implies we should do, destroys capital,” Forbes says. “And raising the
tax on capital gains, where there is no certainty, as the market’s always reminding us, reduces risk-taking, which
hurts enterprises for the future.”
Forbes says Congress “should repeal Obamacare and start over for a more patient-oriented health care system,”
and “repeal Dodd-Frank because it does far more harm than good."
Pensions and Investments reports that a proposal from the Brookings Institution to replace the current 401(k) tax
deduction with a flat tax credit has opened the door for further congressional brainstorming on ways to boost
retirement savings, despite a lukewarm response from senators and dim prospects for legislative change.
budget and get the economy moving again. (Not to be confused with a Fair Tax)
"I think about 26 countries have the flat tax now, and it’s worked wherever it’s been tried," Forbes tells The
Fiscal Times.
"You have a low rate, generous deductions for adults and for children, and you can literally do your tax return on a
single sheet of paper.”
The $200,000-to-$250,000 a year incomes President Barack Obama considers “rich” occur during a couple’s
peak earning years, says Forbes, making increasing taxes on salaries unfair.
“Also, because of our tax code, a lot of businesses are taxed at personal rates, so it will hurt businesses that
employ 20-50 people,” he says. “It’s a capital destroyer.”
“Buffett only pays 17 percent of his income in taxes. When he talks, he mixes taxes on dividends and capital gains
with taxes on salaried income.”
In this country, Forbes explains, salaried income is taxed at the federal level at the high rate of 35 percent, and
when state income taxes are added that figure can rise to 45 percent.
“Raising taxes on dividends, which Buffett implies we should do, destroys capital,” Forbes says. “And raising the
tax on capital gains, where there is no certainty, as the market’s always reminding us, reduces risk-taking, which
hurts enterprises for the future.”
Forbes says Congress “should repeal Obamacare and start over for a more patient-oriented health care system,”
and “repeal Dodd-Frank because it does far more harm than good."
Pensions and Investments reports that a proposal from the Brookings Institution to replace the current 401(k) tax
deduction with a flat tax credit has opened the door for further congressional brainstorming on ways to boost
retirement savings, despite a lukewarm response from senators and dim prospects for legislative change.
MEDEFCO TEA PARTY
Metropolitan Detroit Freedom Coalition
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This is definitely worth watching!!!
***************************************************************************************************************************************************************************************************************************
"Politicians never accuse you of 'greed' for wanting other people's
money -- only for wanting to keep your own money."
money -- only for wanting to keep your own money."
An economics professor at a local college made a statement that he had never failed a single student before,
but had recently failed an entire class. That class had insisted that Obama's socialism worked and that no one
would be poor and no one would be rich, a great equalizer.
The professor then said, "OK, we will have an experiment in this class on Obama's plan". All grades will be
averaged and everyone will receive the same grade so no one will fail and no one will receive an A....
(substituting grades for dollars - something closer to home and more readily understood by all).
After the first test, the grades were averaged and everyone got a B. The students who studied hard were upset
and the students who studied little were happy. As the second test rolled around, the students who studied
little had studied even less and the ones who studied hard decided they wanted a free ride too so they studied
little..
The second test average was a D! No one was happy. When the 3rd test rolled around, the average was an F.
As the tests proceeded, the scores never increased as bickering, blame and name-calling all resulted in hard
feelings and no one would study for the benefit of anyone else. To their great surprise, ALL FAILED and the
professor told them that socialism would also ultimately fail because when the reward is great, the effort to
succeed is great, but when government takes all the reward away, no one will try or want to succeed. It could
not be any simpler than that.
Remember, there IS a test coming up. The 2012 elections.
These are possibly the 5 best sentences you'll ever read and all applicable to this experiment:
1. You cannot legislate the poor into prosperity by legislating the wealthy out of prosperity.
2. What one person receives without working for, another person must work for without receiving.
3. The government cannot give to anybody anything that the government does not first take from somebody
else.
4. You cannot multiply wealth by dividing it!
5. When half of the people get the idea that they do not have to work because the other half is going to take
care of them, and when the other half gets the idea that it does no good to work because somebody else is
going to get what they work for, that is the beginning of the end of any nation.
but had recently failed an entire class. That class had insisted that Obama's socialism worked and that no one
would be poor and no one would be rich, a great equalizer.
The professor then said, "OK, we will have an experiment in this class on Obama's plan". All grades will be
averaged and everyone will receive the same grade so no one will fail and no one will receive an A....
(substituting grades for dollars - something closer to home and more readily understood by all).
After the first test, the grades were averaged and everyone got a B. The students who studied hard were upset
and the students who studied little were happy. As the second test rolled around, the students who studied
little had studied even less and the ones who studied hard decided they wanted a free ride too so they studied
little..
The second test average was a D! No one was happy. When the 3rd test rolled around, the average was an F.
As the tests proceeded, the scores never increased as bickering, blame and name-calling all resulted in hard
feelings and no one would study for the benefit of anyone else. To their great surprise, ALL FAILED and the
professor told them that socialism would also ultimately fail because when the reward is great, the effort to
succeed is great, but when government takes all the reward away, no one will try or want to succeed. It could
not be any simpler than that.
Remember, there IS a test coming up. The 2012 elections.
These are possibly the 5 best sentences you'll ever read and all applicable to this experiment:
1. You cannot legislate the poor into prosperity by legislating the wealthy out of prosperity.
2. What one person receives without working for, another person must work for without receiving.
3. The government cannot give to anybody anything that the government does not first take from somebody
else.
4. You cannot multiply wealth by dividing it!
5. When half of the people get the idea that they do not have to work because the other half is going to take
care of them, and when the other half gets the idea that it does no good to work because somebody else is
going to get what they work for, that is the beginning of the end of any nation.