Obama vs. JFK on tax cuts

[DarrinS]

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[DarrinS]

"In today's economy, fiscal prudence and responsibility call for tax reduction even if it temporarily enlarges the federal deficit – why reducing taxes is the best way open to us to increase revenues."

– John F. Kennedy, Jan. 21, 1963, annual message to the Congress: "The Economic Report Of The President"




"It is no contradiction – the most important single thing we can do to stimulate investment in today's economy is to raise consumption by major reduction of individual income tax rates."

– John F. Kennedy, Jan. 21, 1963, annual message to the Congress: "The Economic Report Of The President"




"Our tax system still siphons out of the private economy too large a share of personal and business purchasing power and reduces the incentive for risk, investment and effort – thereby aborting our recoveries and stifling our national growth rate."

– John F. Kennedy, Jan. 24, 1963, message to Congress on tax reduction and reform, House Doc. 43, 88th Congress, 1st Session.




"A tax cut means higher family income and higher business profits and a balanced federal budget. Every taxpayer and his family will have more money left over after taxes for a new car, a new home, new conveniences, education and investment. Every businessman can keep a higher percentage of his profits in his cash register or put it to work expanding or improving his business, and as the national income grows, the federal government will ultimately end up with more revenues."

– John F. Kennedy, Sept. 18, 1963, radio and television address to the nation on tax-reduction bill




"I have asked the secretary of the treasury to report by April 1 on whether present tax laws may be stimulating in undue amounts the flow of American capital to the industrial countries abroad through special preferential treatment."

– John F. Kennedy, Feb. 6, 1961, message to Congress on gold and the balalnce of payments deficit




"In those countries where income taxes are lower than in the United States, the ability to defer the payment of U.S. tax by retaining income in the subsidiary companies provides a tax advantage for companies operating through overseas subsidiaries that is not available to companies operating solely in the United States. Many American investors properly made use of this deferral in the conduct of their foreign investment."

– John F. Kennedy, April 20, 1961, message to Congress on taxation




"Our present tax system ... exerts too heavy a drag on growth ... It reduces the financial incentives for personal effort, investment, and risk-taking ... The present tax load ... distorts economic judgments and channels an undue amount of energy into efforts to avoid tax liabilities."

– John F. Kennedy, Nov. 20, 1962, press conference




"The present tax codes ... inhibit the mobility and formation of capital, add complexities and inequities which undermine the morale of the taxpayer, and make tax avoidance rather than market factors a prime consideration in too many economic decisions."

– John F. Kennedy, Jan. 23, 1963, special message to Congress on tax reduction and reform




"In short, it is a paradoxical truth that ... the soundest way to raise the revenues in the long run is to cut the rates now. The experience of a number of European countries and Japan have borne this out. This country's own experience with tax reduction in 1954 has borne this out. And the reason is that only full employment can balance the budget, and tax reduction can pave the way to that employment. The purpose of cutting taxes now is not to incur a budget deficit, but to achieve the more prosperous, expanding economy which can bring a budget surplus."

– John F. Kennedy, Nov. 20, 1962, news conference




"The largest single barrier to full employment of our manpower and resources and to a higher rate of economic growth is the unrealistically heavy drag of federal income taxes on private purchasing power, initiative and incentive."

– John F. Kennedy, Jan. 24, 1963, special message to Congress on tax reduction and reform





"A bill will be presented to the Congress for action next year. It will include an across-the-board, top-to-bottom cut in both corporate and personal income taxes. It will include long-needed tax reform that logic and equity demand ... 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 create other jobs and other salaries and more customers and more growth for an expanding American economy."

– John F. Kennedy, Aug. 13, 1962, radio and television report on the state of the national economy




"This administration pledged itself last summer to an across-the-board, top-to-bottom cut in personal and corporate income taxes ... Next year's tax bill should reduce personal as well as corporate income taxes, for those in the lower brackets, who are certain to spend their additional take-home pay, and for those in the middle and upper brackets, who can thereby be encouraged to undertake additional efforts and enabled to invest more capital ... I am confident that the enactment of the right bill next year will in due course increase our gross national product by several times the amount of taxes actually cut."

– John F. Kennedy, Nov. 20, 1962, news conference

[admiralsnackbar]

Forgetting for a moment that the wealthy were exponentially more heavily taxed in JFK's day (and that he came from a stratum of society which was on the receiving end of the stiffest taxation), can you really even compare now and then? Was the opposition party so fanatically contrarian as to essentially break down the legislative process unless it got its way?

Kudos on yet another scintillating copy-paste job!

[DarrinS]

Forgetting for a moment that the wealthy were exponentially more heavily taxed in JFK's day (and that he came from a stratum of society which was on the receiving end of the stiffest taxation), can you really even compare now and then? Was the opposition party so fanatically contrarian as to essentially break down the legislative process unless it got its way?

Kudos on yet another scintillating copy-paste job!



So, massive spending and raising taxes on the wealthy helps to create jobs and reduce the deficit?

[George Gervin's Afro]

So, massive spending and raising taxes on the wealthy helps to create jobs and reduce the deficit?

we know darrins deficit bitchng is soooo yesterday... now that your side won there is no talk of reducing the deficit...

[admiralsnackbar]

So, massive spending and raising taxes on the wealthy helps to create jobs and reduce the deficit?

Based on GW Bush's time in office, we already know that massive tax cuts do nothing to create jobs or reduce the deficit, but rather than say it twice:

http://www.spurstalk.com/forums/showpost.php?p=4814972&postcount=48

[ducks]

obama is not doing tax cuts
if he does not extened them he is raising tax cuts

[Spurminator]

In 70 years when the tax rate on millionaires is 5%, Darrin's grandson will post these same quotes any time a higher tax rate is proposed.

[ChumpDumper]

obama is not doing tax cuts
if he does not extened them he is raising tax cutsRight, the tax cuts that didn't create any jobs the past couple of years.

[Bartleby]

:lol

ducks pointing out nuances in semantics.

[Wild Cobra]

In 70 years when the tax rate on millionaires is 5%, Darrin's grandson will post these same quotes any time a higher tax rate is proposed.
I doubt that. I think we will all be content when tax rates are at 10% for everyone.

[LnGrrrR]

I doubt that. I think we will all be content when tax rates are at 10% for everyone.

You say that because of the tax rate you have. When millionaires were being taxed 50% or so, I bet they said they'd be happy with 35 or 25%.

[jack sommerset]

Barry wants to save money he can pull out of the wars he is in.

[ElNono]

Barry wants to save money he can pull out of the wars he is in.

That would be a good start. Will the half Republican Congress agree though?

[admiralsnackbar]

That would be a good start. Will the half Republican Congress agree though?

And squander the negative publicity the war heaps on the Democrats and -- especially -- Obama? Not a chance, brother! :lol

[jack sommerset]

That would be a good start. Will the half Republican Congress agree though?

At this point would half the dems agree though? Barry loves the war.

[jack sommerset]

Silly me, silly old Jack Sommerset. I mean war(s), WARS!! Barry love the warsssss we are in.

[ElNono]

At this point would half the dems agree though? Barry loves the war.


Silly me, silly old Jack Sommerset. I mean war(s), WARS!! Barry love the warsssss we are in.

So now you want to cut and run, jack?

[ChumpDumper]

jack was for the wars before he was against them.

[MannyIsGod]

And Nixon is more progressive than Obama on Health Care reform.

Context matters.

[ducks]

Right, the tax cuts that didn't create any jobs the past couple of years.

without that what would the jobless rate be

[boutons_deux]

tax cuts did nothing for household real income in the Repug 2000s (actually going back to St Ronnie The Diseased), and job creation was actually negative, first time since WWII.

[Spurminator]

I doubt that. I think we will all be content when tax rates are at 10% for everyone.

I bet in 1950 you would have been content with 40% on income above $1MM, as opposed to 90%.

[Wild Cobra]

You say that because of the tax rate you have. When millionaires were being taxed 50% or so, I bet they said they'd be happy with 35 or 25%.
I bet in 1950 you would have been content with 40% on income above $1MM, as opposed to 90%.
Perhaps, but so few people actually had that type of money as income. Most the rich paid taxes on capital gains or dividends I bet, but income taxes.
How much revenue is actually there from people in those tax categories, on the income tax table? Why not make income taxes less harsh, so they spend their income instead of sheltering it behind capital gains and dividends?