UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev Thread | Prev | Next | Next Thread
Author: MadCapitalist Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 748779  
Subject: President Kennedy responds to Paul Krugman Date: 11/20/2012 1:30 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 5
President Kennedy responds to Paul Krugman

"Krugman conveniently stops his analysis of the supposed “golden years” of sky-high 91% marginal income tax rates right before they were permanently lowered. And the tax reform that lowered the 91% tax rate didn’t come from a Republican obsessed with right-wing propaganda about lower top tax rates being essential to economic growth. The supply-side tax cuts came from a left-wing, Democratic President.

In the video above from August 13, 1962, watch President Kennedy as he announces his bold plan to introduce permanent, across-the-board, top-to-bottom tax cuts for both individuals and corporations to help the economy grow and prevent a recession. Kennedy argued that tax reform was “long-needed” because both “logic and equity” demanded tax relief for Americans. Further, Kennedy predicted that the dollars released from taxation would create new jobs, new salaries, and spur economic growth and an expanding American economy, thereby creating more jobs and higher tax revenues. He was exactly right.

Kennedy’s supply-side tax cuts were enacted in 1964 after he was assassinated, and by 1965 the top personal income tax rate was cut to 70% and corporate income tax rates were also reduced. The Kennedy tax cuts did help expand the economy, resulting in a 106-month economic expansion during the 1960s, which was the longest expansion in U.S. history at that time. Individual income tax revenues grew by 85% from 1965 to 1970 and corporate tax revenues grew 29%, as Kennedy predicted."

http://www.aei-ideas.org/2012/11/president-kennedy-responds-...

Check out the video. Kennedy nailed it.

Krugman is the Worst. Economist. Ever.
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev Thread | Prev | Next | Next Thread

Announcements

Pencils of Promise - Back to School Drive
"Pencils of Promise works with communities across the globe to build schools and create programs that provide education opportunities for children."
Post of the Day:
Macro Economics

The Deflationary Cycle Explained
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement