Even Kennedy funded the 'great society' through tax cuts

[Leroy N. Soetoro]

http://www.foxnews.com/opinion/2017/10/04/even-kennedy-funded-great-
society-through-tax-cuts.html

Just a week ago President Trump released his proposal to reduce tax rates
on corporations and individuals, and already the administration and its
critics are talking past each other. The White House says its overall goal
is to accelerate economic growth, while detractors reply that the tax plan
will benefit the wealthy. But since when is tax relief for high earners
and private sector job-creators at cross-purposes with a faster-growing
economy?

In 1961 a reporter asked President Kennedy why he supported a tax cut. “To
stimulate the economy,” Kennedy replied. “Don’t you remember your
Economics 101?” The economy Kennedy inherited from President Eisenhower
was still expanding but the pace slowed in the second half of the 1950s.

There had been three recessions during Eisenhower’s two terms, and the
last one was still in progress when Kennedy took office.

The new administration wanted to prolong the prosperity not by increasing
government spending, as John Kenneth Galbraith and other liberal
intellectuals were urging, but through across-the-board income-tax rate
reductions for individuals and more-generous depreciation allowances for
businesses to spur capital investment. Kennedy spent the summer of 1962
pitching tax reform to the public. He said that “it is a paradoxical truth
that taxes are too high today and tax revenues are too low and the
soundest way to raise the revenues in the long run is to cut the rates
now.” Kennedy added that “the purpose of cutting taxes” is “to achieve the
more prosperous, expanding economy.”

JFK was assassinated before Congress could act, but his successor, Lyndon
Johnson, made tax relief a priority. The Kennedy-Johnson tax cut passed in
1964, and it included greater reductions in marginal rates for the wealthy
than for the poor. The top marginal rate fell to 70% from 91% and the
bottom rate to 14% from 20%. All 22 rates in between were reduced as well.
Alas, the world did not end.

To continue reading this column from the Wall Street Journal, click here.

https://www.wsj.com/articles/even-kennedy-funded-the-great-society-
through-tax-cuts-1507073043


--
Donald J. Trump, 304 electoral votes to 227, defeated compulsive liar in
denial Hillary Rodham Clinton on December 19th, 2016. The clown car
parade of the democrat party has run out of gas.

Congratulations President Trump. Thank you for ending the disaster of the
Obama presidency.

Under Barack Obama's leadership, the United States of America became the
The World According To Garp.

ObamaCare is a total 100% failure and no lie that can be put forth by its
supporters can dispute that.

Obama jobs, the result of ObamaCare. 12-15 working hours a week at minimum
wage, no benefits and the primary revenue stream for ObamaCare. It can't
be funded with money people don't have, yet liberals lie about how great
it is.

Obama increased total debt from $10 trillion to $20 trillion in the eight
years he was in office, and sold out heterosexuals for Hollywood queer
liberal democrat donors.