"Kennedy" Once Meant Supply-Side Tax Cutter
His name was Kennedy. He was the preeminent figure in the Democratic Party. And he was a resolute supply-side tax-cutter.
“It is a paradoxical truth,’’ he once told the Economic Club of New York, “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.’’ What he had in mind, he said, was “an across-the-board, top-to-bottom cut in personal and corporate income taxes.’’
Those were not the words of Senator Edward Kennedy. The speaker - in December 1962 - was President John F. Kennedy (see video above), and his ringing call for tax cuts was no anomaly.
Four months earlier, JFK had called high tax rates a danger to “the very essence of the progress of a free society.’’ In his 1963 State of the Union message, his first priority was “the enactment this year of a substantial reduction and revision in federal income taxes.’’ In the speech he was scheduled to deliver on Nov. 22, 1963, Kennedy planned to report proudly: “We have proposed a massive tax reduction, with particular benefits for small business.’’
In recent days, Ted Kennedy has been justly acclaimed as a lion of the Democratic Party. But how different the party mourning Kennedy today is from the one that nominated him in 1962.
~Jeff Jacoby in today's Boston Globe