How Democrats Have Changed: The Kennedy Tax Cut


President Kennedy proposed cutting the top rate by 30%, and after his death Congress agreed to a 20% cut. Kennedy’s rhetoric is missing from today’s Democratic Party and he said:
“This nation needs a tax cut. . . A tax cut means higher family income. . . taxes siphon out of the private economy, too large a share of business and personal purchasing power. Taxes reduce the financial incentives for personal effort, investment and risk-taking.”
Speaking of the Kennedy tax cut, Harvard economist Ken Rogoff says “It wasn’t just that he pulled the country out of recession, but he put a tax system in place that laid the foundation for the boom that happened in the ’60s.”

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