Steve Forbes Surprise: Yes to Higher Tax Rates

Tuesday, 20 Nov 2012 11:34 PM

By Newsmax Wires

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Steve Forbes offers Obama Democrats a startling piece of advice as they head into budget talks to avoid the so-called ‘fiscal cliff’ – raise taxes to Clinton-era levels but only alongside the former president's policies that strengthened the dollar, loosened economic restrictions and reduced federal spending.

Forbes, who is the editor of Forbes and  a leading Republican Party anti-tax advocate, argues in his latest editorial that Bill Clinton’s America had less regulation and bureaucracy and did not take on health care reform as the economy grew.

Editor's Note: Use This Single Loophole to Pay Zero Taxes. See Video

Forbes argues for  the repeal of Obamacare and smaller government, suggesting: “Federal spending as a proportion of the economy was smaller in those days. That would mean budget cuts now of around $500 billion – not spread over ten years, but right now. How likely is that?”

He also suggests it’s time for President Obama to ditch Federal Reserve Chairman Ben Bernanke and his stifling monetary policies. If Obama is serious about prosperity, Forbes writes, “he has to combine Clinton tax rates with the former president’s wise management of the economy that encouraged free enterprise and a true recovery. If not, we will see a return to recession in 2013 and continue on our current path toward European-style malaise and stagnation.”

See Steve Forbes' full article at Forbes.com

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