Steve Forbes speaks to U of L students about capitalism, taxes

By on September 14, 2017
Steve Forbes, John Schnatter Center for Free Enterprise
Steve Forbes, John Schnatter Center for Free Enterprise

Steve Forbes, speaking at the John Schnatter Center for Free Enterprise event.

By Jennifer Twagira and Jean-Taylor Sowders —

On Sep. 12, the Louisville chapter of the Young Americans for Freedom Foundation partnered with the John Schnatter Center for Free Enterprise to host Steve Forbes, chairman of Forbes Media and the editor-in-chief of the business magazine Forbes, in Strickler Hall.

Sophomore Evan Wright, chairman of the local chapter of YAF, introduced Forbes and described this experience as a privilege.

In Forbes opinion, three things need to be addressed in order to escape stagnation: taxes and regulations, healthcare and monetary policy.

Forbes said a flat tax rate will simplify  complicated income tax code. He is also favors tax cuts for adults and families, and no income tax on the first $52,000 made by a four-person household.

For 2017, Forbes predicts Republicans will come up with a tax cut for the sake of self-preservation and that it will be retroactive. 

Forbes wants a more transparent and less complex healthcare system. Forbes said a major problem is the lack of a free market within healthcare and the barriers between the patient and healthcare providers.

He said there is no transparency in what patients are paying for and the lack of set pricing means the average American pays for service they can get elsewhere for a cheaper price.

According to Forbes, the manipulation of monetary policy by the Federal Reserve does not benefit the economy. He said problems with the Fed are numerous and include the fact that they receive no oversight from the government. Another issue that he feels needs to be rectified is the Fed should not be dictating the value of money for millions of Americans they have never interacted with.

Junior Erin Hogan said she disagreed wirh Forbes, but she appreciated the opportunity to hear opinions different from her own. 

 

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