Forbes's Cure for the Federal Tax Code: Slay It and Start Over

Somehow the right wing forgets that Forbes says NO TO FLAT TAX FOR SOCIAL SECURITY - he wants to keep the rich from paying Social Security taxes on all income by keeping the "cap" (now 90,000) above which there are no Social Security taxes - and when he gives you "no tax on Social Security benefits", and he also gives the rich a pass on 90% of the income via a ZERO TAX RATE ON INVESTMENTS/CAPITAL GAINS - MEANING A ZERO TAX RATE ON THE RICH ON 90% OF THEIR INCOME. Of course he also throws in a ZERO TAX ON ESTATES - can anybody guess if Forbes is rich or poor, or is a Dem or GOPer?.

http://quote.bloomberg.com/apps/news?pid=10000039&refer=columnist_baum&sid=aXuyS_kpULZo

Forbes's Cure for the Federal Tax Code: Slay It and Start Over
Oct. 14 (Bloomberg) -- Anyone unfamiliar with Steve Forbes's prescription for reforming the Internal Revenue Service -- replace it with a postcard -- might want to start the initiation process with his latest book.

In ``Flat Tax Revolution'' (Regnery, 216 pages, $24.95), the two-time Republican presidential candidate and chief executive officer of Forbes Inc., lays out in concise, readable language how different life would be with a single, low tax rate on all income.

For corporations, the flat tax would mean hundreds of millions of dollars saved each year on tax compliance. Individuals, meanwhile, would get an across-the-board tax cut, increasing their incentives to work and form businesses. And for the government -- yes, even the federal government benefits --there would be additional tax revenue from stronger economic growth and reduced incentives for tax avoidance.

So how come everyone isn't on board?

Answer: Because the tax code is Washington's way of rewarding a few, favored constituencies at the expense of the many and retaining its hold on power. And that's why, short of a huge grass-roots swell of support, the flat-tax reform that is sweeping Eastern Europe is probably still a pipe dream in the U.S. <snip>