GOP presidential candidates' proposals to change the federal income tax code and a new "pro-growth" House leadership could lay the foundation for economic reforms surpassing those of President Ronald Reagan, publishing mogul Steve Forbes says.
In a commentary in
Forbes, the magazine for which he serves as editor-in-chief, the media executive calls the developments "heartening" for the nation.
"What the Republicans are putting on the table is so much more appealing than the dreary, more-taxes twaddle of the Democrats that there will be a mandate for drastic, pro-growth tax simplification coming out of the 2016 election cycle," Forbes writes.
Forbes hails the federal income tax code changes offered by "almost every Republican White House aspirant" as a path to creating an"enormous stimulant for economic growth."
"After seven lean Obama years of economic stagnation this would be rapturously welcome," he writes.
And, he adds, the new House leadership "will be much more oriented toward pro-growth policies than the outgoing crew," and will "want to do big things regarding taxes, spending and regulation."
"At the least they’ll be laying the foundation for reforms on a scale exceeding that of Ronald Reagan in the 1980s – if the GOP nominates the right candidate," Forbes writes.
In particular, Forbes singles out the flat-tax proposals of both Rick Santorum and Kentucky Sen. Rand Paul as "light-years better" than the current income tax code.
He also praises the 10 percent, no-deductions plan from retired pediatric neurosurgeon Ben Carson, and former Arkansas Gov. Mike Huckabee's proposal to replace the income tax and payroll tax with a national sales tax of 30 percent.
But Forbes hits Florida Sen. Marco Rubio's plan to as the "outlier" with his income tax reform plan putting the top bracket at 35 percent.
"Worse, his plan hits taxpayers at far lower thresholds than does the current code," Forbes writes, warning: "He must 'fine-tune' this … or risk conservatives looking elsewhere."
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