Steve Forbes in Real Change, by Rep. Newt Gingrich (R, GA)

On Tax Reform: Optional flat tax: 17% with $13,200 deduction

This concept of an optional flat tax rate was developed by Steve Forbes when his flat tax campaign was undermined by criticisms that it would take away popular tax breaks. Forbes proposed giving American taxpayers an opportunity to choose simplicity versus complexity and a single rate over a lot of deductions. They call it the free choice flat tax, and it's an idea whose time has come.

All workers and corporations would have the freedom to choose each year to file their income taxes either under the new free choice flat tax option or under the current US income tax code. Anyone who strongly favors a deduction or credit under the federal government's current complex income tax system would have the choice to keep filing that way.

The free choic flat tax option would apply one single tax rate of 17% to all individuals and corporate taxpayers. It would also include a standard exemption of $13,200 for each adult and a $4,000 exemption for each child.

Source: Real Change, by Newt Gingrich, p.143-144 Dec 18, 2007

The above quotations are from Real Change: From the World that Fails to the World that Works, by Former Speaker of the House Newt Gingrich. Click here for main summary page. Click here for a profile of Steve Forbes. Click here for Steve Forbes on all issues.
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