In his Tuesday keynote address, Steve Forbes, chairman and editor-in-chief of Forbes Media, called for removal of long-term structural blockages on U.S. economic recovery, while noting that Republican leaders in Congress are wise in taking smaller tactical steps rather than repeating big showdowns.
Forbes, a former presidential candidate and author, repeated his long-held belief in the benefits of a flat tax, stating his belief that for businesses, a 17% flat tax would work. He also called a return to the gold standard for monetary policy and setting the value of the U.S. dollar. The current tax code, he said, if far too complex.
“This tax code is beyond redemption,” he said. “The only thing you can do with this beast is kill it.”
Forbes said Republicans should avoid big showdowns in Congress that are likely to fail, and focus on smaller adjustments, such as forcing the Senate to set s budget as part of any debt ceiling extension deal, or not allowing Medicare funding to be used to help fund the Patient Protection and Affordable Healthcare Act.
Forbes said such steps might seem small, but will help educate the public while paving the way for larger reforms.