Prosperity formula
Peter Ferrara proposes an agenda for prosperity at The American Spectator:
"Kennedy's business tax cuts were adopted in 1962, and the personal rate cuts in 1964. The top income tax rate was slashed from 91% to 70%, with the lower rates reduced by similar proportions across the board. The next year, economic growth soared by 50%, and income tax revenues increased by 41%! By 1966,unemployment had fallen to its lowest peacetime level in almost40 years. U.S. News and World Report exclaimed, 'The unusual budget spectacle of sharply rising revenues following the biggest tax cut in history is beginning to astonish even those who pushed hardest for tax cuts in the first place.' Arthur Okun, the administration's chief economic advisor,estimated that the tax cuts expanded the economy in just two years by 10% above where it would have been."
Read on.
"Kennedy's business tax cuts were adopted in 1962, and the personal rate cuts in 1964. The top income tax rate was slashed from 91% to 70%, with the lower rates reduced by similar proportions across the board. The next year, economic growth soared by 50%, and income tax revenues increased by 41%! By 1966,unemployment had fallen to its lowest peacetime level in almost40 years. U.S. News and World Report exclaimed, 'The unusual budget spectacle of sharply rising revenues following the biggest tax cut in history is beginning to astonish even those who pushed hardest for tax cuts in the first place.' Arthur Okun, the administration's chief economic advisor,estimated that the tax cuts expanded the economy in just two years by 10% above where it would have been."
Read on.
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