Steve Forbes’ New Book

In case you haven’t noticed, Steve Forbes has come out with a new book called the Flat Tax Revolution. NOTE: One thing I noticed on Amazon is that most of the reviewers like the book except for two reviewers who rate it a one star. The funny thing is that although the reviews are “authored” by two different people, the reviews are EXACTLY the same.

I have not yet read it yet. I went to my local bookstore but couldn’t find it so I guess I’ll have to order it. I’m curious as to what he has to say.

For the most part, I’m for a flat tax. I think it is the fairest of all taxes. I liked the idea when Mr. Forbes started talking about in 1999 (or was it 1995?) However, I am not for excluding dividend income from taxes (an idea that Steve Forbes had a couple of years ago). I think the tax rate should include ALL income (even Social Security) except tax-sheltered income from Roth IRAs and such. The only deduction I think should be allowed is the mortgage interest deduction. Scrap everything else and make it one tax rate for everyone. Nice and simple.

4 thoughts on “Steve Forbes’ New Book”

  1. The reason for not taxing dividend income is that corporations pay taxes on the income that generates the dividend. Ideally, the tax system should tax all income once, whether at the corporate level or at the individual level.

  2. I understand that. The problem with that is that individuals could put all their money in dividend-paying stocks and none of their income would be taxed. Somehow I don’t see that idea flying with the general public.

    The American public is faced with double taxation on pretty much everything. You work, pay taxes, buy stuff, invest your money, build wealth, die and if you are wealthy enough all that gets taxed again.

  3. If you take you stock dividends (that have been taxed twice, first the corporation and then you)and buy something with them, then you will pay sales tax on the purchase and end up being taxed thrice.

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