Kennesaw State’s Bagwell Center for the Study of Markets and Economic Opportunity and the Young America’s Foundation invited Steve Forbes to the Coles College of Business on Friday, March 15, to discuss tax policy.
According to a KSU’s website, Forbes was invited to educate students on the ongoing battle between economics and ethics. Forbes gave a lecture titled, “Driving Economic Growth Through Tax Policy” that discussed current tax policy, income taxes versus sales taxes, the rise of taxes, taxes on the wealthy and a new documentary.
“His lecture provided attendees with a unique opportunity to hear his informed and thoughtful insights on the importance of tax policy for economic growth and prosperity,” said Timothy Mathews, economics professor and director of the Bagwell Center for the Study of Markets and Economic Opportunity.
Forbes said the damage current policies on taxation had inflicted upon the country’s economy can impact future generations.
Forbes compared income and sales taxes and concluded by explaining the effects to which high tax states including New York and California contribute to poverty and homelessness.
“Of the 50 states in this country, over time, those with no or low state income tax do better economically,” Forbes said.
Since taxes influence the economy directly, Forbes discussed the potential danger of raising taxes in order to stimulate it.
“In 1980, the wealthiest one percent of the population paid 18 percent in federal income taxes, and now that number has risen to more than double at 40 percent,” Forbes said.
Forbes claimed that higher tax rates for the rich would not only be unconstitutional, but it would also seek to confuse cash value with assets.
Forbes said that taxing the illusion of wealth would destroy individual savings and potential for investment in the marketplace, ultimately leading to economic downturn and depression.
Forbes said that a flat rate tax for all would be the only logical solution to eventually resolve America’s more than $22 trillion national debt.
The event concluded with Forbes promoting his documentary, “In Money We Trust?” which was released in January. According to Business Wire, the film is about the loss of public trust in money, the rise of cryptocurrency, greater income equality and social turmoil.
“Bringing a speaker of the stature of Mr. Forbes to campus for a public guest lecture provided an invaluable learning opportunity for our students,” Mathews said.
Matthews said the event had been planned since October.
According to KSU’s website, the Bagwell Center for the Study of Markets and Economic Opportunity strives to educate students about the working relationship between the free market, individuals and the economy. The center achieves this in part through various events promoting the research of American capitalism, entrepreneurship and economic principles.
