Bolton Landing, N.Y.—Author and chairman/CEO of Forbes Media, Steve Forbes told more than 300 assembled business and government leaders that, “the United States should “junk” the current tax code and start all over again.”
Delivering the keynote address at The Annual Meeting of The Business Council of New York State, Forbes said, “there are 272 words in Lincoln's Gettysburg Address, and 1,458 words in the Declaration of Independence and everyone understands what those documents mean.
“There are 9 million words in the United States' tax code, and no one, including the IRS, can understand it.”
Establishing a flat tax is part of Forbes prescription for economic growth. He is also critical of the Federal Reserve's monetary policies; Forbes advocates for a return to the Gold Standard.
“Money measures value the way scales measure weight or a clock measure time. The Fed changes the value of the dollar creating market uncertainty,” said Forbes.
“The point is, if you can't trust the value of money, then investing is even more risky and that discourages economic growth,” said Forbes.
During his 30-minute speech, Forbes also said capitalism is, “always under assault and always portrayed as based on greed—contrary to that myth—capitalism is moral.
“The fact of the matter is—no system is perfect but in true free markets you only succeed when you provide something that other people want or something that people didn't know they wanted,” said Forbes.
Capitalism, said Forbes, also unites nations. “You may not love your neighbor, but you're willing to sell your neighbors what they need and they are willing to buy it, thus creating unity,” said Forbes.
“At a time when the issue of income inequality is fueling the public debate in Albany and in Washington, Steve Forbes is a passionate and articulate voice for free markets,” said Heather C. Briccetti, Esq., president and CEO of The Business Council.
Roger Hannay receives Corning Award for Excellence
The Business Council presented Albany County manufacturer and Business Council board member Roger Hannay with The Corning Award for Excellence on Wednesday evening.
The award was presented by G. Thomas Tranter, president, Corning Enterprises. “We know that Roger's strengths as a business leader are matched by his deft hand as a husband, father, and civic leader, and by his unwavering faithfulness—to his God, family, country, and employees, and yes, to New York State.”