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.