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Forbes says pro-tax policies would result in “stagnation”

October 9, 2008 by  

Is a tax cut needed to stimulate the economy?Steve Forbes, publisher and editor-in-chief of Forbes magazine, has spoken out against policies that raise taxes in times of financial crisis, claiming that they stifle the economy.

"It was the Roosevelt-Hoover policies that were a disaster in the 30s [and] inflationary, pro-tax policies in the 70s, that turned that decade into a decade of stagnation – and Reagan reversed it," he told CNBC, according to Newsmax.

Forbes has been constantly vocal about the need for tax reform, particularly during his two bids for the presidency in 1996 and 2000.

He has suggested that the U.S. government dispose of the current tax code completely and replace it with a flat tax of 17 percent. He also opposes taxes on social security, pensions, personal savings and capital gains.

In the CNBC interview, Forbes also called for an end to market-to-market accounting rules, which he blamed for the downfall of firms such as AIG and Lehman Brothers.

"This thing is now 14 months old, when it should have been 14 weeks," he added, referring to the credit crisis.
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