Appearing on Fox News “Varney & Co” on Friday, publisher and former Republican presidential candidate Steve Forbes predicted that Republicans will face the wrath of voters in the 2018 mid-term election if tax reform is not accomplished. Speaking to host Stuart Varney, Forbes said that as many as 30 seats in the House of Representatives could change hands in favor of the Democrats.
“Today, one of the things that I hope that would come out with, that would not be just a rah-rah session, is [House Speaker] Paul Ryan finally dropping this idiotic 20 percent national border sales tax and focus on tax cuts, C-U-T-S, Paul, Mr. Speaker, cuts. Not increases.”
When Varney asked if Republicans will make tax cuts, Forbes said that when Republicans realize that they “could go down next year,” adding that they are going to realize “especially on the House side, they’ve got 20 to 30 vulnerable seats, very vulnerable seats. They’re going down if they don’t get this economy booming.” Recalling a adage coined by author Samuel Johnson, Forbes said “The prospect of hanging focuses the mind admirably.”
In an op-ed at the Fox News website, Forbes pointed out however that the Trump administration has made “impressive progress” in the “unglamorous but crucial area of liberating the U.S. economy from suffocating regulations – another form of taxation.” He said that experts believe that regulations cost Americans as much as $2 trillion a year. Unlike the Trump administration, Forbes said that under Barack Obama’s tutelage, “hardly a day went by without some new anti-business mandate being promulgated.”
Forbes pointed to progress at the Federal Communications Commission (FCC), which is addressing Obama-era rules on the internet. He said that Environmental Protection Agency (EPA) and the Interior Department are “liberating the energy industry from mandates designed to cripple the development of fossil fuels.” At the Food and Drug Administration (FDA), Forbes said that new ways are being examined in the drug approval process and into new uses of existing drugs that, he said, “would save lives and money.” In addition, he said that a number of Obama anti-growth rules have been repealed through the Congressional Review Act.