9/21/2023 0 Comments Arguments for flat tax![]() ![]() Dole then delivered the decisive final blow in New Hampshire, running powerful television ads in which then-Gov. Around that time, a private citizen named Mitt Romney (two years off a failed Senate challenge to Edward Kennedy) bought full-page newspaper ads likewise denouncing Forbes's plan as "a tax cut for fat cats" because it taxed wages at 17 percent while exempting investment income. In one raucous Iowa debate, Alexander derided Forbes's plan as "a truly nutty idea" that would crater the real-estate market and starve charities (by eliminating the mortgage and charitable deductions) while exploding the federal budget deficit. ![]() ![]() But he lost altitude almost as fast when rivals, led by Bob Dole and Lamar Alexander, perforated his plan. But in the process, Perry has created some new targets for both the GOP primary and the general election, if he gets that far.Įarly in the 1996 race, Forbes rocketed to the top of the GOP field behind a self-financed barrage of ads touting the flat tax. Perry has clearly shaped his proposal to blunt the political vulnerabilities that hobbled Forbes (who endorsed the Texas governor this week). The idea launched Forbes's unlikely campaign-and then swiftly deflated it. In 1996, magazine publisher Steve Forbes centered his bid for the GOP nomination on a proposal to replace the progressive income tax with a 17 percent single-rate flat tax that erased all deductions and eliminated taxes on all investment income such as capital gains and interest. MORE FROM NATIONAL JOURNAL: Second Verse, Same as the First Game Change GOP Insiders Predict Romney Nomination ![]()
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