What CONSERVATIVE president KNEW tax CUTS would help save the economy??

[mikey2573]

Posted: 11/24/12 at 10:26am

"The worst deficits come from a recession. If we take the proper action in the proper time, this could be the most important step we could take to prevent another recession. That is the right time for a TAX CUT, both for your family budget and the national budget. A creative TAX CUT, creating more jobs and income and eventually MORE REVENUE. This bill will include an ACROSS THE BOARD top to bottom cut in both CORPORATE and personal income taxes. The billions of dollars this bill will place in the hands of the consumer,and our businessmen will have both immediate and permanent benefits to our economy.
EVERY DOLLAR RELEASED FROM TAXATION THAT IS SPENT OR INVESTED, WILL HELP CREATE A NEW JOB AND A NEW SALARY, and these new jobs and new salaries can help create other jobs and other salaries."

The above words were spoken by a great CONSERVATIVE American President.
Anyone care to guess WHO????????????

[Yawper]

Posted: 11/24/12 at 12:51pm

He wasn't a conservative, but I'm glad to see you don't have a problem with his 65% top marginal tax rate.
The Myth of JFK as Supply Side Tax Cutter

[mikey2573]

Posted: 11/24/12 at 3:13pm

If JFK were to run on the Democratic ticket with those policies today, he'd be run out of the party on a rail.

http://www.youtube.com/watch?v=_AAEp0J_hzU

[SNAFU]

Posted: 11/24/12 at 5:01pm

So would Saint Ronnie.

[Kad]

Posted: 11/24/12 at 5:21pm

Your point is- what? That party opinions change over time? No, JFK is not representative of the modern Democrats. And Reagan no longer the same for the GOP. Both parties try to claim distantly past leaders despite incongruent beliefs.

[SNAFU]

Posted: 11/24/12 at 5:48pm

In the late 1800s the Trickle Down Theory was tried under The Horse and Sparrow Theory. Horse-and-sparrow theory: 'If you feed the horse enough oats, some will pass through to the road for the sparrows.
Seems there were a lot of starving sparrows back then and it was considered a failure. Today we are seeing the same only the sparrows have food stamps.

[AC126748]

Posted: 11/24/12 at 5:54pm

Both parties try to claim distantly past leaders despite incongruent beliefs.


Republicans still try to claim that the current GOP is the "party of Lincoln". That's the biggest LOL I can think of.

[Unknown User]

Posted: 11/24/12 at 5:58pm

Mikey I'm with you 100%- a 65% top tax rate would be AWESOME for our economy. I'm curious- do you know what it was when Kennedy made that statement and what it is NOW?

[Kad]

Posted: 11/24/12 at 6:03pm

The GOP claiming Lincoln is pretty ridiculous. But there have even been Democrats eager to claim Jefferson as the true founder of the party, which is equally absurd.

[trentsketch]

Posted: 11/24/12 at 6:17pm

I do appreciate it when context is ignored. JFK is talking about an economic recovery much more advanced than the one we're in. Actually investing in infrastructure with a higher tax rate allowed the economy to grow at a very good rate. Private sector spending began to go down while the economy was still improving, so JFK pushed for tax cuts so people had more free money to pump back into the private sector.

This is not the same as cutting taxes when the economy is only just starting to grow again after years of mismanagement. If the economy starts to grow at a rapid rate again, cutting taxes can be smart fiscal policy to guarantee continued growth in the private sector. It's not smart fiscal policy when the private sector is only just starting to pick up again.

That's why context matters. Or did the 1000+ word screed on the exact economic conditions, nowhere near similar to the reality in 2012, that can potentially benefit from tax breaks not fit your argument?

[Unknown User]

Posted: 11/24/12 at 6:21pm

The American Conservative movement has driven our nation rightward for the last 35 years- both Kennedy and his opponent Richard Nixon were way more liberal than any major party candidate in the last 30 years- Nixon's platform called for stronger unions, more stringent environmental laws, more money for education and scientific research and some kind of national health program.

[SNAFU]

Posted: 11/24/12 at 6:28pm

But then it was Nixon who brought in the HMOs which began the decay of the American Health care system.

[mikey2573]

Posted: 11/24/12 at 6:53pm

My point is JFK knew that cutting taxes would stimulate the economy, a lesson that President Obama has to learn.

[SNAFU]

Posted: 11/24/12 at 7:06pm

Thing is it is different economic situations. Obviouslyyour reading comprehension is lacking JFK reduced taxes much further along in the economic recovery.

[Unknown User]

Posted: 11/24/12 at 8:21pm

MY point is Mikey, taxes were three times higher when Kennedy made that statement. In fact, taxes are lower now than at any time since WWII- so why isn't the economy booming? When taxes were at that 65% level (the 1960's) the economy was MUCH stronger than at any time in the last 10 years with those low low taxes. Why is that Mikey? We have empirical proof cutting taxes DOES NOT stimulate the economy.

[mikey2573]

Posted: 11/25/12 at 1:38am

You need to do some research; take a look at the STATUTORY tax rate and then at the EFFECTIVE tax rate. Two different things. No one was paying that tax rate that was "three times higher".
The economy that Kennedy faced in 1962 was very weak. So what did he do? He cut tax rates for everyone. Result? The "much stronger" economy.
Today we are looking at an economy that is stagnate. And what does this president want to do? Raise taxes. Kennedy knew that was the wrong thing to do. Does Obama??

[Yawper]

Posted: 11/25/12 at 8:09am

When taxes are too high the economy suffers, when taxes are too low the economy suffers. We're definitely not on the high side - taxes need to be raised to counter recent wealth concentration.

[TheatreDiva90016]

Posted: 11/25/12 at 10:28am

So, is mikey going to whine for the next four years, about everything he doesn't like?

This has already gotten boring.

[Huss417]

Posted: 11/25/12 at 10:54am

Not sure why any of you are still feeding these people. Just let the threads die.

[mikey2573]

Posted: 11/25/12 at 12:03pm

"taxes need to be raised to counter recent wealth concentration."

Huh?? So the job of the federal government is to "counter wealth concentration"? Where does it say THAT in the Constitution?

[YouWantitWhen????]

Posted: 11/25/12 at 12:34pm

I dunno, perhaps in the preamble.

"We the people of the United States, in order to form a more perfect union, establish justice, insure domestic tranquility, provide for the common defense, promote the general welfare, and secure the blessings of liberty to ourselves and our posterity, do ordain and establish this Constitution for the United States of America."

I think insure domestic tranquility and promote the general welfare clause pretty much cover it.

[Unknown User]

Posted: 11/25/12 at 5:53pm

Mikey you have NO IDEA what you are talking about. The tax rates (whether you want to talk marginal or effective) RIGHT NOW are as low as they have been in 70 years. Why isn't the economy booming? George Bush lowered taxes TWICE during his presidency- why didn't the economy improve?

(And of course, Bill Clinton raised taxes and the economy boomed)

[mikey2573]

Posted: 11/25/12 at 7:19pm

No YOU have no idea what YOU are talking about. The economic downturn had nothing to do with the tax rates, it had everything to do with the housing market crash. And WHO was primarily responsible for THAT? (Here let me help, Barney Frank, Chris Dodd, Bill Clinton, Nancy Pelosi). Ask yourself what happened about 1 year prior to the economy collapsing; Answer: The Democrats gained control of the House and The Senate. Up to then we were doing fine.

[mikey2573]

Posted: 11/25/12 at 7:26pm

"I dunno, perhaps in the preamble"

The preamble is an introduction to the US Constitution. Everything mentioned in the preamble is specifically defined in the Articles and Sections that follow it, and nowhere is "counter wealth concentration", or anything approaching something similar to that, mentioned anywhere in the Constitution.

[SNAFU]

Posted: 11/25/12 at 7:52pm

Wealth concentration began when Trickle Down Economic theory was enacted. Giving tax breaks has proven not to really create jobs unless you referring jobs in off shore banks where profits are stored in non taxable accounts.
The economy is a very large ship to steer, turning the wheel thirty years ago has lead us into the situation we are now trying to deal with. Just as we have not seen the full effects of Clinton's, W's or even Obama's first four years.