October 26, 2008
An economics major in college, Reagan further argued that lowering taxes would increase money coming into federal coffers because it kick starts people into working harder, smarter, and with less need to conceal income.
But guess who else felt that way? JFK. That's right, JFK. In the December 24, 1962, issue of US News and World Report, "Kennedy's Latest Word on Tax Cuts, Plans for Business," in urging a tax cut, Kennedy said that "it is a paradoxical truth that tax rates are too high today and tax revenues are too low -- and the soundest way to raise revenues in the long run is to cut rates now.
"The experience of a number of European countries has borne this out. This country's own experience with tax reductions in 1954 has borne this out, and the reason is that only full employment can balance the budget -- and tax reduction can pave the way to full employment. The purpose of cutting taxes now is not to incur a budgetary deficit, but to achieve the more prosperous expanding economy which will bring a budgetary surplus."
Somehow I don't think Obama is the new Kennedy.
Posted by: Nicole at October 26, 2008 11:11 AM (xPxyx)
Posted by: Emily at October 27, 2008 07:56 AM (jAos7)
Posted by: Lissa at October 27, 2008 08:02 AM (fHdl7)
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