Publisher Steve Forbes Thinks Detroit Could Recover Quickly From Bankruptcy

Steve Forbes/Wikipedia photo

Publishing industry magnate and former presidential candidate Steve Forbes, in the Detroit area on Thursday, said Detroit could recover quickly from bankruptcy, provided it creates a lower tax burden.

“Make it more welcoming for people who have very little but want to put in sweat equity,” Forbes said, according to Eric D. Lawrence of the Detroit Free Press. 

Forbes spoke to reporters after talking to Grosse Pointe North High School students.

He told students  that “everything you do now gets taxed” and that businesses simply pass taxes on to their customers in the form of higher prices, the Freep reported. 

Forbes is an advocate of a flat income tax with only one or two tax rates and few exemptions, the Freep reported.