America's federal income tax code is a horror of incomprehensible complexity, corruption, and opportunity-killing provisions. Meanwhile, our competitive position in the world economy is being threatened and undermined by a worldwide wave of tax simplification. Nations -- such as Russia, Hong Kong, Romania, Lithuania, and Slovakia -- who are instituting simple, low-rate Flat Tax systems are providing enormous incentives for economic growth, while America's tax code continues to grow into an out-of-control and burdensome beast. Now, in Flat Tax Revolution: Using a Postcard to Abolish the IRS, Steve Forbes proposes a grassroots revolution to overhaul the current 9 million-word tax code to unshackle the entrepreneurial spirit and creativity of American workers.
In Forbes's carefully thought out plan, there would be one rate -- 17% -- after generous exemptions for adults and children. Under the Flat Tax, for example, a family of four would pay no federal income tax on its first $43,765 of income and would pay only 17 cents on every dollar it earned above that level. There would be no tax on Social Security benefits. No tax on personal savings. No capital gains taxes. And small businesses and family farms wouldn't have to worry about being wiped out by the death tax -- no taxation without respiration. Best of all, there would be no more time-consuming complications -- you could literally fill out your tax form on a single page or even a postcard!
Forbes draws on a quarter century of academic research, and combines that with practical reporting about countries across the planet that have improved their economies by moving to a Flat Tax system. He shows how the Flat Tax that will translate into a tax cut for every American while also adding seven to ten percent to the American economy through faster economic growth. He further shows how this extra economic growth would help finance the transition to a personal social security savings account system, help balance the federal budget, increase philanthropic giving to charities, increase business investment in new machines and new technology so American workers could compete successfully in the world market and, finally, this growth would increase your take home pay, your families retirement savings, and your ability to achieve your dreams of a better future.
"Steve Forbes has done a great service for all Americans. In one slim volume he has packed more information about the advantages of a Flat Tax and the disadvantages of the current tax system than I have ever seen in one place. . . . The Forbes Flat Tax is more than a big idea. It is the right idea and it is a doable idea." -- NEWT GINGRICH
"Steve Forbes challenging the federal income-tax code is like David challenging Goliath. Taxpayers will be happy to learn that in Flat Tax Revolution Forbes has let loose the well-aimed stone that can bring the monster down." -- TERENCE P. JEFFREY, editor, Human Events
"Steve Forbes knows what he's talking about, and he's definitely on to something important. This book isn't about sound bites. This book is substantial, insightful, and in my opinion, a must-read by anyone interested in the future of this country." -- DONALD J. TRUMP
Malcolm Stevenson "Steve" Forbes, Jr. (born July 18, 1947) is an American editor, publisher, and businessman. He is the son of longtime Forbes magazine publisher Malcolm Forbes and the grandson of that publication's founder, B.C. Forbes.
Steve Forbes is Forbes Media Chairman and CEO, and Editor-in-Chief of Forbes magazine, where his editorials appear as, "Fact and Comment."
The company encompasses Forbes, ForbesLife, ForbesWoman and Forbes Asia magazines; the Web sites Forbes.com, Investopedia.com, RealClearPolitics.com, RealClearMarkets.com, RealClearSports.com, and Forbes.com Business & Finance Blog Network; and 10 international licensee editions. Forbes' publications together reach more than five million readers globally, and its Web sites reach nearly 40 million users each month.
A widely respected economic prognosticator, Mr. Forbes is the only writer to have been a four-time winner of the highly prestigious Crystal Owl Award, formerly given by U.S. Steel Corporation to the financial journalist whose economic forecasts for the coming year proved most accurate. In 1996 and 2000 he campaigned vigorously for the Republican nomination for the Presidency. His latest books are: How Capitalism Will Save Us (November 2009); and Power Ambition Glory: The Stunning Parallels between Great Leaders of the Ancient World and Today . . . and the Lessons You Can Learn (June 2009), both by Crown Business. He is also the author of Flat Tax Revolution: Using a Postcard to Abolish the IRS (2005), and A New Birth of Freedom (1999), a book of bold ideas for the new millennium.