In the early 20's Harding cut income taxes from 73% to 24% for high incomers and down to .5% from 4% for low incomers resulting in a unemployment rate of 3% from over 11% before the cuts. Before the tax cuts revenues where around 700 million after the cuts income tax revenues where over 1 billion.
If that isn't proof that cutting income taxes raises revenue then there is no hope for you. The bonus which deflates your rich wealthy rants is that the wealthy ended up paying 65% of the total taxes while being responsible for creating jobs and growth during Harding and Coolidge policies.
More proof can be found with FDR raising the tax rate in the mid 30's resulting in income tax revenues dropping from a little over 1 billion to a little over 500 million. Doesn't sound like raising taxes helped to me.
With Reagan implementing the Economic Recovery Tax Act and the Tax Reform Act and by cutting taxes income tax revenues soared topping out at a 27% plus increase.
Bush tax cuts of 03 resulted in the highest 4 year tax revenue increase in US history and in 07 reduced the budget to 1.2% of GDP which is half the average. The top 10% incomers paid 68% of those taxes. Even the NYT gave praise to Bush for the unexpected rise in revenues from tax cuts back in 05.
I find it amazing that with proof of when 3 presidents cut taxes revenues grew greatly, growth expanded and unemployment went down it is replaced with political rhetoric and theory for the sake of people. We have history as proof. Let us use that knowledge and get this country heading in the right direction again. We know the policies of late are not working and the Fed just came out saying we are headed for insolvency . Kill Obama Care and slash spending so we can inject confidence in the business arena to promote growth.
Current Events » in reply to You have it backwards
History says otherwise
The whole thread (20 posts)
- The US flat lines to highest corporate taxes
