Word: flatness
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Dates: during 1990-1999
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...success is a proposal for the creation of a single income tax rate that he claims will increase the efficiency of the economy and lead to higher growth without increasing the tax burden on the middle class. Sadly, the facts do not support such optimistic conclusions. In reality, Forbes' flat tax would either substantially increase the budget deficit and thereby fail to spur economic growth or increase the tax burden on most Americans. Yet Forbes has consistently failed to point out these facts to the American people, a failure that we must not excuse...
...particular, Forbes' flat tax proposal would replace the existing, progressive system of taxation with a single tax rate of 17 percent on all income earned above $36,000. At the same time, his proposal would eliminate most deductions, like the home mortgage and charitable deduction, and exempt from all taxation unearned income derived from savings and investment. These changes, Forbes claims, would greatly simplify the tax code and spur economic growth through supply-side forces. This growth, moreover, would ensure that the federal budget deficit would not increase since the additional revenue derived from a larger economy would more than...
...reality the consequences of Forbes' flat tax do not quite conform to his supply-side rhetoric. Admittedly the flat tax would spur economic growth. By reducing the income tax rate to 17 percent and eliminating the progressive nature of the tax, Forbes' proposal would increase the returns to labor and thereby increase the incentives to work. In other words, the average person would keep more of any additional earned income than he would previously and, as a result, would supply more labor. At the same time, the elimination of all taxes on investment income would encourage people to save...
...difficult. Yet that's what the Dole forces are attempting in New Hampshire. The counterattack is everywhere--on the ground and in the air. Dole's refusal to slam his rivals is history. Anti-Forbes TV spots are flooding the airwaves. A new one will remind voters that Forbes' flat-tax plan would end their cherished property-tax deduction. Encouraged by Dole staffers, special-interest groups have pitched in with statements like the one from a realtors' group equating the flat tax to a "bad apple pie. It looks good until...
...KINGMAKER. The former football player is the second-most-courted Republican in the endorsement game (Powell is No. 1). If Kemp chooses Dole, it could be fatal to Kemp's disciple, Forbes. But Kemp is leaning toward endorsing Forbes soon because he champions Kemp's favorite issues, the flat tax and the gold standard. If Forbes doesn't get the nomination himself, he could throw his support to Kemp. If Forbes wins, however, Kemp could get his dream of being Treasury Secretary. If Forbes loses, cynics predict that Kemp can at least count on a well-paid sinecure...