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Kennedys proposed tax rate cuts were adopted in 1964, after his 1963 assassination. Kennedys plan cut the top income tax rate from 91% to 70%, and reduced the lower rates by similar magnitudes. The bottom rate was cut from 20% to 14%.
In response, the economy and federal tax revenues boomed until the end of the decade. By 1966, unemployment had fallen to its lowest peacetime level in almost 40 years! U.S. News and World Report exclaimed, The unusual budget spectacle of sharply rising revenues following the biggest tax cut in history is beginning to astonish even those who pushed hardest for tax cuts in the first place. Arthur Okun, the administrations chief economic advisor, estimated that the tax cuts expanded the economy in just two years by 10% above where it would have been.
But all we have gotten from President Obama is higher tax rates for almost every major federal tax. On January 1, 2013, the Bush tax cuts of 2001 and 2003 were extended for everyone, including the middle class, the working class, and the poor, except for the top 3% of income earners, which suffered a major tax increase as a result. The same top 3% also suffered the new Obamacare taxes going into effect at the same time, even though the so-called rich already pay far more than their fair share of income taxes.
JFK could never win the Democratic nomination today. I'm not sure that Reagan could win it in the GOP either.
JFK could never win the Democratic nomination today. I'm not sure that Reagan could win it in the GOP either.
Living proof that tazing does indeed cause permanent brain damage.
