Forbes in June 2009
|Born||Malcolm Stevenson Forbes, Jr.
July 18, 1947
Morristown, New Jersey
|Alma mater||Princeton University (B.A.)|
Malcolm Stevenson "Steve" Forbes, Jr. (born July 18, 1947) is an American publishing executive who was twice a candidate for the nomination of the Republican Party for president. He is the editor-in-chief of business magazine Forbes magazine as well as president and chief executive officer of its publisher, Forbes, Inc. He was a Republican candidate in the 1996 presidential primaries and 2000. He is the son of longtime Forbes publisher Malcolm Forbes and the grandson of that publication's founder, B.C. Forbes.
Personal life and education
Forbes was born in Morristown, New Jersey, to Roberta Remsen (née Laidlaw) and Malcolm Forbes. Forbes grew up in the town of Far Hills, New Jersey. He married Sabina Beekman in 1971. They have five daughters; Sabina, Roberta, Catherine, Moira, and Elizabeth. Forbes attended the Far Hills Country Day School and graduated cum laude in 1966 from Brooks School in North Andover, Massachusetts, and was in the Princeton class of 1970. While at Princeton, Forbes founded his first magazine, Business Today, with two other students. Business Today is currently the largest student-run magazine in the world.
In 1996, years after the death of his father, he changed the name credited to him on the Forbes magazine masthead from Malcolm S. Forbes Jr. to the name he had been known as throughout childhood, Steve Forbes. Forbes served as an occasional guest host on the show History's Business on the television channel History.
Political career and views
Early political career
He helped craft Christine Todd Whitman's plan for a 30 percent cut in New Jersey's income tax over three years, and this plan proved to be a major factor in her victory over incumbent Governor James Florio. After her election, Whitman proposed these tax cuts and they were enacted into law. Forbes made an issue of his role in these New Jersey tax cuts in his subsequent campaigns for the presidency.
Campaigns for president and major issues
Forbes entered the Republican primaries for President of the United States in 1996 and 2000, primarily running on a campaign to establish a flat income tax. He also supported the ideas of re-introducing 4 1/2% mortgages and term limits in 1996, but dropped both in 2000 (as they were minor planks in his overall platform).
When Forbes ran for president in 1996 and 2000, he sold some of his Forbes, Inc., voting shares to other family members to help finance his run. He did not come close to securing the Republican nomination, despite winning the Arizona and Delaware Primaries in 1996 and getting some significant shares of the vote in other primaries. His awkward campaigning style was considered to be a major factor in his defeat. Time Magazine called his stumping a "comedy-club impression of what would happen if some mad scientist decided to construct a dork robot." and also described his campaign as "wacky, saturated with money and ultimately embarrassing to all concerned." After dropping out early in the 2000 primary season, he returned to heading the magazine and company. During the 1996 campaign, insiders at Fortune alleged that stories about Forbes' advertisers became favorably biased toward them.
Major issues Forbes has supported include free trade, health savings accounts, and allowing people to opt out 75% of Social Security payroll taxes into Personal Retirement Accounts (PRAs). He supports traditional Republican Party policies such as downsizing government agencies to balance the budget, tough crime laws and support for the death penalty, and school vouchers. He opposes gun control and most government regulation of the environment, as well as drug legalization and same-sex marriage. This last was despite his father's increasingly flamboyant gay lifestyle before his death. In terms of foreign policy, he called for a "US not UN foreign policy" (which is composed of anti-International Monetary Fund sentiments, pro-Israeli sentiment, opposition to Most Favored Nation status for the People's Republic of China, and anti-UN sentiment.)
His flat tax plan has changed slightly. In 1996 he supported a flat tax of 17% on all personal and corporate earned income (unearned income such as capital gains, pensions, inheritance, and savings would be exempt.) However, he supported keeping the first $33,000 of income exempt. In 2000 he maintained the same plan, but instead of each person receiving an exemption of $33,000, it more closely resembled the Armey Plan (Forbes's version called for a $13,000 per adult and $5,000 per dependent deduction). Forbes himself is very wealthy, with a net worth in 1996 of $430 million. Although Forbes publishes the list of the 400 wealthiest men and women in the U.S., Forbes conspicuously exempts himself from such disclosure. In response to this criticism, Forbes promised in his 2000 campaign to exempt himself from the benefits of the flat tax, although he did support the repeal of the 16th Amendment in a debate with Alan Keyes the previous year.
In his 2000 campaign, Forbes professed his support for social conservatism along with his supply-side economics. Despite holding opposite positions in 1996, for the 2000 campaign, Forbes announced he was adamantly opposed to abortion and supported prayer in public schools. The previous year Forbes had issued a statement saying he would no longer donate money to Princeton University due to its hiring of philosopher Peter Singer, who views personhood as being limited to 'sentient' beings and therefore considers some disabled people and all infants to lack this status. Steve Forbes was one of the signers of the Statement of Principles of Project for the New American Century (PNAC) on June 3, 1997.
Other political activities
In December 2006, Forbes joined the board of directors of the advocacy organization FreedomWorks. Forbes is also on the board of directors of the National Taxpayers' Union. He is also a member of the board of trustees of the Heritage Foundation, an influential Washington, D.C.-based public policy research institute. He is a frequent panelist on the television program Forbes on Fox, which also features members of the Forbes magazine staff, and is shown Saturday mornings on Fox News Channel at 11:00 am EST.
On March 28, 2007, Forbes joined Rudolph Giuliani's campaign for the 2008 presidential election, serving as a National Co-Chair and Senior Policy Advisor. Later in the 2008 presidential campaign, Forbes served as John McCain's Economic Adviser on Taxes, Energy and the Budget during McCain's bid for the 2008 Presidential election.
In December 2009, Forbes, in a nationwide mailer for the National Right To Work Committee, opposed union membership for police officers and firefighters, terming their representatives, "union czars," and requested that mailer recipients contact their congressional representatives with regard to HR 413.
In March 2013 Forbes participated in a NPR broadcast Intelligence Squared debate with James Grant, Frederic Mishkin and John R. Taylor jr. concerning the motion "Does America Need A Strong Dollar Policy?".
Books by Steve Forbes
- The New Birth of Freedom: Vision for America. Washington, DC: Regnery Publishing. 1999. p. 204. ISBN 978-0895263209. OCLC 475198964.
- Flat Tax Revolution: Using a Postcard to Abolish the IRS. Washington, DC: Regnery Publishing. 2005. p. 216. ISBN 978-0895260406. OCLC 60558651.
- Freedom Manifesto: Why Free Markets Are Moral and Big Government Isn't. Crown Business Publishing. 2012. p. 304. ISBN 978-0307951571.
For his 2000 Presidential Campaign, he raised $86,000,000 in campaign contributions, of which $37,000,000 was self-donated.
- Mitt Romney to report financial assets of at least $190 million Fox News
- "Milestones: Nov. 4, 1985". Time. April 18, 2005. Retrieved May 24, 2010.
- Ancestry of Steve Forbes
- Elizabeth Forbes is youngest daughter
- Bumiller, Elisabeth. "POLITICS: ON THE TRAIL;In Political Quest, Forbes Runs in Shadow of Father", The New York Times, February 11, 1996. Accessed December 11, 2007. "Christine Todd, Mr. Forbes's childhood friend from the Far Hills Country Day school, would grow up to become Governor Whitman.... His son went off to the Brooks School in North Andover, Mass., then on to Princeton, Malcolm Forbes's alma mater." hi
- ULM Presidential Lyceum Series
- Steve Forbes initiation
- "Crossfire". CNN. Retrieved May 24, 2010.
- "Welfare states – benefits of tax cuts". Text " National Review " ignored (help); Text " Find Articles at BNET.com" ignored (help)[dead link]
- "Nowhere Girl". Text " National Review " ignored (help); Text " Find Articles at BNET.com" ignored (help)[dead link]
- By CALVIN TRILLIN Monday, Feb. 26, 1996 (February 26, 1996). "Primary Fixation". TIME. Retrieved March 21, 2011.
- POLITICS: ON THE TRAIL;In Political Quest, Forbes Runs in Shadow of Father
- Steve Forbes:On The Issues OnTheIssues.com
- Bumiller, Elisabeth. "POLITICS: ON THE TRAIL;In Political Quest, Forbes Runs in Shadow of Father", The New York Times, February 11, 1996. Accessed December 14, 2009.
- Cohan, Peter Is Lazard's Bruce Wasserstein one of Wall Street's biggest losers? BloggingStocks.com. February 1, 2008 Accessed December 14, 2009
- Caldwell, Christopher (July 22, 2007). "The Antiwar, Anti-Abortion, Anti-Drug-Enforcement-Administration, Anti-Medicare Candidacy of Dr. Ron Paul". New York Times. Retrieved 2009-09-03.
- Heritage Foundation Board of Trustees, heritage.org
- Goldsmith, Brian Steve Forbes: McCain Isn't Bush, CBS News.com. July 11, 2008.
- "Steve Forbes endorses Rand Paul | Rand Paul 2010 | U.S. Senate". Rand Paul 2010. January 7, 2010. Retrieved March 21, 2011.
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- "MediaPost Publications John McCain Campaign Gets Social 02/05/2010". Mediapost.com. Retrieved March 21, 2011.
- "The Shotgun: Peter Schiff garners endorsment from Steve Forbes". Westernstandard.blogs.com. July 29, 2010. Retrieved March 21, 2011.
- [dead link]
- "Forbes says he's not running in 2012". IowaPolitics.com. August 26, 2010. Retrieved March 21, 2011.
- "Endorse Bill | Bill Hudak for Congress". Hudakforcongress.com. Retrieved March 21, 2011.
- RPerry2012. "Steve Forbes Endorses Rick Perry and His Plan to Cut, Balance, and Grow". YouTube. Retrieved October 17, 2012.
- Campaignmoney.com on Forbes's donations
|Wikimedia Commons has media related to: Steve Forbes|
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- Profile: Steve Forbes, Center for Cooperative Research.
- "Capitalist Tool II: Defending Dynamism", interview with Reason by Virginia Postrel and Charles Oliver
- "Confront Iran to bring oil prices down" April 2006 from $70+ to $15 per barrel
- Kurt Schemers of Traders Nation Interview of Steve Forbes