He makes clear his reasons for supporting Rudy Giuliani’s tax plan.
This afternoon, KHTS AM-1220 spoke with former Republican presidential candidate and owner of Forbes Inc. Steve Forbes about recent tax cuts proposed by Rudy Giuliani.
In his current bid for the presidency, Rudy Giuliani has unveiled his “12 Commitments to the American People.”
As one of those commitments, Giuliani talked about his plan to cut taxes, should he be elected President.
Steve Forbes serves as Giuliani’s national campaign co-chairman, and is an advocate of his proposed tax cuts.
So what are the actual tax cut proposals? Forbes says that while Giuliani will expand on the plan in the coming months, he has made clear some specific changes he will fight for.
“He wants to cut the rates that exist now, and he also wants to simplify the tax code…when he was in New Hampshire the other day, he held up a sheet of paper and said ‘you should be able to file your taxes on a sheet of paper like this,’ which was music to my ears,” Forbes said.
Giuliani also proposes eliminating the “death tax,” also known as the inheritance tax, as well as business taxes.
Forbes mandates that Giuliani has significant credibility when it comes to successful tax cuts. For that, he points back to the tax victories he garnered as Mayor of New York.
“Facing an overwhelming city council that was democrat by a margin of 45 to 6, he cut taxes 23 times”
Should Giuliani win the executive office, his experiences would be similar, as he would likely be facing a democrat led legislative branch. But according to Forbes, there will still be ways to get the tax cuts passed.
“I think the way you do it, is one of the ways he did it in New York and that is one by tough bargaining…that is, be willing to use the veto and engage in tough negotiations,” Forbes says. “But even more importantly is taking a cue from Ronald Reagan, and that is you go around Capitol Hill. You go to the people. The people know they’re over taxed.”
On the opposite spectrum, Forbes notes that if nothing is done to reduce taxes, he believes a recession is on the horizon. This would be ignited, he says, if scheduled tax increases go into effect in 2010. Those would occur if President Bush’s tax cuts are allowed to expire at that time.
Forbes plans on continuing his support of Rudy Giuliani as the race for the White House moves on.