![]() Federal revenues would plummet by at least $49 billion a year.The flat tax rate is supposed to fall to 17% after two years–the figure usually cited by Forbes–but, in fact, the rate would actually have to be considerably higher than the proposed 20% to avoid enormous additions to the federal budget deficit.Ī computer microsimulation analysis of the effects of the Armey-Forbes flat tax plan on Texans by Citizens for Tax Justice finds that under the plan at its proposed 20% tax rate: ![]() would raise taxes on the vast majority of Texas families, while showering enormous tax cuts on very wealthy people such as Forbes himself.Īrmey’s flat tax bill calls for a 20% tax on wages, fringe benefits and self-employment earnings, with exemptions for interest, dividends and capital gains. ![]() Dick Armey (R-Tex.) and endorsed by presidential candidate Malcolm S.
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