WHAT DEM. PRES LOWERED TAXES TO INCREASE REVENUE?

Kennedy, Reagan, Bush ...

President John Kennedy:

"In short, it is a paradoxical truth that tax rates 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." Result: As a result of Kennedy's tax cuts, the federal government's tax revenues climbed from $94 billion in 1961 to $153 billion in 1968, an increase of 62 percent.

President Ronald Reagan:

"At some point, additional taxes so discourage the activity being taxed, such as working or investing, that they yield less revenue rather than more. There are, after all, two rates that yield the same amount of revenue: high tax rates on low production, or low tax rates on high production."

Result: As a result of the Reagan tax cuts, total federal government revenues climbed by 99.4 percent during the 1980s. The average annual growth rate of America's real Gross Domestic Product (GDP) from 1983 to 1989 was 3.8 percent per year, By the end of the Reagan years, the American economy was almost one-third larger than it had been when they began."

"From 1981 through 1989, the U.S. economy produced 17 million new jobs, or roughly 2 million new jobs each year."

We call this period, 1982-2007, the twenty-five year boom–the greatest period of wealth creation in the history of the planet. In 1980, the net worth–assets minus liabilities–of all U.S. households and business … was $25 trillion in today’s dollars. By 2007, … net worth was just shy of $57 trillion. Adjusting for inflation, more wealth was created in America in the twenty-five year boom than in the previous two hundred years.

What is so striking about Obamanomics is how it so doggedly pursues the opposite of every one of these planks of Reaganomics

President George Bush:

"The cornerstone of my economic policies, is cutting taxes on everybody who pays taxes."

"In 2001 the George W. Bush administration passed income-tax cuts that reduced individual tax rates by roughly 7.4 percent on the low end of the income spectrum, and by 9.3 percent on the high end.

Two years later, capital gains tax rates were reduced from 20 percent and 10 percent (depending on income) to 15 percent and 5 percent, respectively.

Cumulatively, these cuts led to a period of economic prosperity that lasted until the housing crisis of 2008."

Following the tax cuts, the growth rate was 4.1 percent.

During the six quarters after the cuts, it added 307,000 jobs. And during the seven quarters thereafter, another 5 million jobs were created.

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John Fitzgerald Kennedy

John Kennedy

Kennedy

Kennedy

Obama. The Stimulus contained over 50 tax cuts for different groups of people, plus he signed the income tax holiday.

This President. Lowered taxes, decreased deficit. The people who didn't notice, didn't pay taxes to begin with.

Kennedy. J.F.K.

JFK