11 JFK Quotes in Support of Cutting TaxesJune 27, 2013
John F. Kennedy is an American icon, partially because of shallow reasons. He and his wife were young, stylish, and likable. They were considered “American royalty”, though the word “royalty” make me feel nauseous.
The truth about JFK was that he was a pretty rotten president when it came to competence. The Bay of Pigs is a pretty good example of simply having bad leadership qualities.
Still, the most embarrassing thing about JFK for Democrats is that according to Democrats today, he would have been seen as a “right-wing radical” or something. He dared to support tax cuts. Let’s look at the following 11 quotes that you’re not supposed to know about:
In a Aug. 13, 1962, radio and television report on the state of the national economy:
“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.”
In a Nov. 20, 1962, news conference:
“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.”
“It is a paradoxical truth that tax rates are too high and tax revenues are too low and the soundest way to raise the revenues in the long run is to cut the rates now … Cutting taxes now is not to incur a budget deficit, but to achieve the more prosperous, expanding economy which can bring a budget surplus.”
“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.”
“Lower rates of taxation will stimulate economic activity and so raise the levels of personal and corporate income as to yield within a few years an increased – not a reduced – flow of revenues to the federal government.”
From a Jan. 23rd message to Congress:
“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.”
“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.”
From a Jan. 24th message to Congress:
“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.”
Jan. 1963 message to Congress:
“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.”
From a speech in 1963:
“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.”
From another speech in 1963:
“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.”
The end result is obvious. JFK believed in the economics of cutting taxes to spur growth. He believed that the only way to help people is to let them keep more of their money — theft is no way to run an economy.
Sure, he wasn’t perfect. He had some hideous policy ideas. But when it comes to taxes, he’d be rejected by the Democrats today for being a “crazy right-winger”. And that’s a crying shame. Every political party should be encouraging more tax cuts in the middle of this broken economy.
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