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Tags: steve forbes | taxes | entitlements | spending | inflation | economy

Steve Forbes to Newsmax: 'Seeing a Shift' in American Tax Policy

By    |   Saturday, 10 July 2021 01:29 PM EDT

Americans are "seeing a stark contrast" in American economic, spending, and tax policies  between the Trump administration and President Joe Biden, giving economist Steve Forbes hope for the future – with a caveat.

"The trend is moving in the right direction," Forbes told Newsmax's "America Right Now" on Saturday. "The opposite direction you get states like New York, which is increasing taxes, [and] California. I don't need to tell you about that.

"I think you're seeing a stark contrast. I think it's going to set the stage for good things in '22 and 2024."

After four years of former President Donald Trump's tax cut and deregulation policies, President Biden is going in the opposite direction and the deletorious effects can be seen in red states versus blue states directly, Forbes told host Tom Basile.

"People want tax cuts and people are beginning to realize the so-called tax the rich increases posed by Joe Biden are actually going to hurt them, because it hurts business, going to hurt their job prospects," he said.

"I think you're seeing a shift in this country, thankfully."

Here is the caveat, according to Forbes, Democrat plans to introduce new entitlements into U.S. law in massive spending proposals are far more dangerous to the economy than temporarily raising taxes.

"The real danger here, Tom, is passing a bunch of new entitlements, like free community college, daycare, and a bunch of other things," he said. "Those things are devastating because they start realatively small, but then they grow and they're almost impossible to reform."

Biden's tax policies can be unwound, so they are not as dangerous, according to Forbes.

"We can get over it," he continued. "We can cut taxes, regulations, but watch for the entitlements. If they slip those in – they have four to six they want to slip in – if they get in, that's a harbinger of a really bad future."

And the economic begets security, Forbes warned.

"That has national security implications, Tom," he said. "We live in a dangerous world, and if we're seen as an economy that's weakening, that's going to be bad. We should have learned that from the '30s and the 1970s. That can lead to bad things.

"Thankfully, in the '80s we got Ronald Reagan to turn it around before that decended into something far worse."

The resurgent economy after crippling COVID-19 shutdowns gives America a real opportunity to capitalize on growth creating more revenue, and the state-by-state differences will be reveal that to us all.

"There's money there for real tax cuts," Forbes concluded. "So, let's do it the right way and not do what New York and California's doing, blowing it away and wrecking their state economies."

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Eric Mack

Eric Mack has been a writer and editor at Newsmax since 2016. He is a 1998 Syracuse University journalism graduate and a New York Press Association award-winning writer.

© 2024 Newsmax. All rights reserved.

Americans are "seeing a stark contrast" in American economic, spending, and tax policies between the Trump administration and President Joe Biden, giving economist Steve Forbes hope for the future, with a caveat.
steve forbes, taxes, entitlements, spending, inflation, economy
Saturday, 10 July 2021 01:29 PM
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