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Forbes's flat-tax plan has changed slightly. In 1996, Forbes supported a flat tax of 17% on all personal and corporate earned income (unearned income such as capital gains, pensions, inheritance, and savings would be exempt). However, Forbes supported keeping the first $33,000 of income exempt.
As in 1996, Forbes campaigned on making the federal income tax non-graduated, an idea he called the flat tax, although he increased his focus on social conservatives in 2000. Although Forbes (who won a few states' primary contests in the 1996 primaries ) came a close second to Bush in the Iowa caucuses and even tied with him in the Alaska ...
In 1996, Giuliani criticized a proposal by presidential candidate Steve Forbes for a national flat tax, saying its elimination of deductions for state and local income taxes would unfairly punish high-tax states such as New York [11] and added that the flat tax "would really be a disaster." [12]
Under a flat tax system, taxpayers owe the same rate whether they earn $10 or $10 million. This appeals to the sense of fairness for those who believe higher earners shouldn’t be penalized for ...
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Among the 1996 Republican Party candidates, both Steve Forbes and Phil Gramm proposed the flat tax. [ 208 ] [ 211 ] During the campaign, Kemp's endorsement was highly coveted.
An Inconvenient Tax examines the Federal Income Tax and how Congress uses the complex tax code to achieve political goals that are unrelated to raising revenue. The result of 95 years of additions, subtractions, deductions, and exclusions, the 62,000 page tax code is so complex that many are voicing their desire to greatly simplify it or to even completely remove it.