He says that mortgage interest rates are artificially high because of the deduction, but he forgets to reveal that personal interest rates were not affected when those deductions were abolished. Nor does he mention that removing the mortgage interest deduction will cause housing values to plummet. Since homes serve as collateral for mortgages and for home equity loans, any substantial loss in housing values will reduce the availability of those loans. He employs the average American's exasperation at the current tax code to sell the flax tax's alleged simplicity. Forbes appears to stand foursquare for revenge against the working poor.
Gates pays no gift tax on the transfer.
The combination of no gift or estate tax with tax-free investment income means that those families and their descendants might never have to work again. Steven fails to mention that those dollars taken from the U.S. Treasury can be invested anywhere in the world. Yes, Steve Forbes is quite a guy. We can then have a government operated by those who believe it is better to be born rich than to work. The information contained at this site is for educational purposes only and is not intended for any particular person or circumstance.