- Aug 2, 2013
Yes, Kennedy the good and smart liberal that he was realized in a reasonable way that 91 percent was too high of a tax rate for the wealthy to pay. Bernie, aoc, and any democrat to the right of them agree which is the vast majority of the party. Kennedy would fit right in.He lowe
Kennedy's Tax plan looks familiar.
Summary of provisions.
The Office of Tax Analysis of the United States Department of the Treasury summarized the tax changes as follows:
The stated goals of the tax cuts were to raise personal incomes, increase consumption, and increase capital investments. Evidence shows that these goals were exceeded by large degree with the combination of tax cuts and domestic spending programs President Johnson advocated, such as Medicare. Unemployment fell from 5.2% in 1964 to 4.5% in 1965, and fell to 3.8% in 1966. Initial estimates predicted a loss of revenue as a result of the tax cuts, however, tax revenue increased in 1964 and 1965....https://en.wikipedia.org/wiki/Revenue_Act_of_1964
So the moral of the story is lowering taxes provides for more revenue for businesses to create jobs. Kennedy's plan looks a lot like trickle down.