October 26, 2008

JFK ON TAXES

I'm re-reading Larry Elder's The Ten Things You Can't Say In America, and I came across a timely point:

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: Sarah at 06:45 AM | Comments (3) | Add Comment
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1 Not at all, especially if you look at how aggressive Kennedy was in his views on national defense. It frustrates me to hear people compare today's liberals with JFK because the worldviews seem quite different.

Posted by: Nicole at October 26, 2008 11:11 AM (xPxyx)

2 Yeah, there's a big difference. Kennedy was not a socialist.

Posted by: Emily at October 27, 2008 07:56 AM (jAos7)

3 Sarah, I've got that book too, although I was nervous every time I read it on the Commuter Rail into Boston. Very interesting, very well-written. An interesting aside -- an old college roomie was visiting me from NYC. She saw the book, with its "Special Discount bin" sticker (bought it at a university bookstore), and immediately said, "No wonder his book can only sell for two dollars, serves him right and I hope he starves to death." Ahhhh, liberal care and compassion . . .

Posted by: Lissa at October 27, 2008 08:02 AM (fHdl7)

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