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 words were spoken in December 1962 by President John F. Kennedy: His ringing call for tax cuts was what spurred our country into a great economic expansion for many years. Here’s hoping that both parties in this post-election season, for the remainder of 2010 and for 2011, somehow take his cue from the past and work to bring back strong economic growth.
NOTE by blog administrator:
This guest post appears because I lost a bet with Vulcan's Hammer (who writes a very good conservative blog that I follow), over whether Democrats would retain control of the House after the election. VH had complete discretion as to what he wanted to post here, so I am thrilled that he chose to post something about my childhood hero JFK. I can't argue with the point that Kennedy cut taxes in an effort to stimulate the economy, and there is some evidence that those cuts did have that effect. I also don't disagree at all with VH's call that both parties work together to bring back strong economic growth. I would only point out in response first, that the 2009 stimulus act also cut taxes to stimulate the economy, by about twice as much as Kennedy's tax cuts, so it would be nice to see conservatives acknowledge that Barack Obama is even more of a tax cutter than Kennedy; and second, that the top marginal tax rate in the early 1960's was 91%, whereas today it is 35%.