The flat tax is getting a revival tomorrow on Capitol Hill from its best-known champion.
Steve Forbes, editor-in-chief of Forbes magazine and a Republican presidential candidate in 1996 and 2000, will speak in support of the plan as fiscal cliff negotiations hinge on what the tax rates will be for different income brackets.
Forbes will be joined at a press conference outside the Capitol by Reagan-era Economic Policy Advisory Board member Art Laffer, Sen. Mike (R-Utah), and Rep. Louie Gohmert (R-Texas). Others are expected as well.
All will be expressing their support for moving to a flat tax system.
“There are a number of proposals I agree with in principle that would simplify the federal tax code. For example, a consumption tax and a flat income tax would vastly reduce the compliance burden on taxpayers,” Lee says in his issues statement on tax reform. “Also, these plans would also remove the disincentives for businesses and individuals to be more productive and lead to greater economic growth, prosperity and job creation.”
Forbes endorsed Texas Gov. Rick Perry in the GOP presidential primaries but didn’t make a general election endorsement.