Transcript Testimony of Steve Forbes

Presentation to the President’s
Advisory Panel on Federal Tax
Reform
May 11, 2005
Steve Forbes
President and CEO
Forbes, Inc.
Rising tax code complexity
9,000,000
Gettysburg
Address
Declaration of
Independence
Constitution
8,000,000
7,000,000
6,000,000
5,000,000
4,000,000
Bible
3,000,000
2,000,000
Tax Code and
Regulations
1,000,000
0
Words
1986 Tax Reform
9
6
8
5
7
4
6
1986
2005
3
5
1986
2005
4
2
3
1
2
1
0
Tax brackets
0
Words in Tax Code
(millions)
Dynamic scoring: the flat tax
25
24
23
22
21
20
19
18
17
16
15
Internal
Revenue
Code
Flat tax
Economic Growth by
2015 (GDP Trillions)
Wealth Creation
 $6 trillion in additional
assets by 2015
 Total payroll tax receipts
from 2006 to 2015 up
$892.2 billion
Tax cut history: 1920’s
Source: Heritage Foundation
Tax cut history: 1960’s
Source: Heritage Foundation
Tax cut history: 1980’s
Source: Heritage Foundation