Friday, February 15, 2008

President John F. Kennedy, Early Supply-Sider


Hillary and Barack, listen up!

In this video from August 13, 1962, when the highest marginal individual income tax rate was 91% and the highest marginal corporate tax was 52%, President John F. Kennedy announced his plan to introduce permanent, across-the-board tax cuts for both individuals and corporations. Kennedy argued that both "logic and equity" demanded tax relief for Americans, and that the dollars released from taxation would create new jobs, new salaries, and spur economic growth and an expanding American economy, thereby creating more tax revenues.

Kennedy's supply-side tax cuts were passed, and by 1964 the top personal tax rate was 77%, dropping to 70% in 1965. In 1965, the corporate tax rates were reduced to 22% and 48%, from previous rates of 30% and 52%. The Kennedy tax cuts did help expand the economy, resulting in a 106-month economic expansion during the 1960s, the longest expansion in U.S. history until the 120-month expansion of the 1990s. Tax revenues grew by 65% from 1965 to 1970.

They sure don't make Democrats the way they used to.


8 Comments:

At 2/16/2008 1:59 AM, Anonymous Fred said...

There are no more Democrats like JFK.

 
At 2/16/2008 9:10 AM, Blogger juandos said...

Hmmm, amazing how there's nothing new under the sun...

In today's Democrat party poor, ole Kennedy would've been tarred & feathered and run out of town on a rail...

 
At 2/16/2008 11:58 AM, Anonymous Machiavelli999 said...

Funny how one of the best Democrats of all time most famous quote was:

"Ask not what your country can do for you, but ask what YOU CAN DO FOR YOUR COUNTRY"

The meaning of this quote has been long lost on today's DemocRATS.

 
At 2/16/2008 5:06 PM, Anonymous Heretic38501 said...

McCain should splice on a 5 second trailer with the "I am john McCain and I support this message" tag and use this for a commercial.

 
At 2/16/2008 10:40 PM, OpenID sethstorm said...

I wonder how much of it was just dynasty building as the Kennedy family was on the receiving end on a lot of effective(and very deserving) laws. Bring back the 91% and a penalty for attempting to move it or passing it on.

JFK thankfully was the only and the last to forsake "Noblesse Oblige" of that party(to get that far). He will be nothing but background noise, an aberration compared to today's Democrats.

There is very little that would put him above the lowest on the ladder, Reagan(the union-killer). Both are gone, the latter will hopefully have no ideological presence past 1/20/2009.

 
At 2/20/2008 5:49 PM, Blogger Boston Houligan said...

120 mo expansion federal surplus unrivalled prosperity relative peace in the word welfare rolls cut in half stock market records low interest and inflation the republicans are great, OH wait it was Bill a democrat who oversaw the greatest time in US economic history
sorry my mistake

 
At 3/29/2008 11:08 AM, Blogger James Shott said...

Ol' Bill was lucky enough to be around during the Reagan economic expansion.

 
At 4/20/2008 11:24 AM, Blogger aaron said...

We should do this now

 

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