Income Tax Cut, JFK Hopes To Spur Economy 1962/8/13
John F. Kennedy speaks on his income tax cut that he wants to present to Congress in January next year (partial newsreel).
Duration : 0:2:2
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Democrats do …
Democrats do believe in tax cuts,just not for people earning 10 million a year
Democrats do not …
Democrats do not believe in tax cuts. Taking money from those who earn it and giving it to those who do not even pay taxes is not a tax cut.
You seem to imply …
You seem to imply that teachers,mechanics,carpenters etc dont deserve a tax cut,why not?
I dont believe …
I dont believe democrats believe in giving tax cuts to people on welfare as you suggest,there are people doing it hard at the moment,its mostly people who earn less than 250000 that wont have taxes raised but it will be interesting to see if Obama keeps that promise
He won’t. He can’t …
He won’t. He can’t, especially if he gets all of the programs that he wants. Remember that Clinton did the same thing: promised a middle class tax ut, and then, not only did he not cut middle class taxes,but he raised them substantially.
Tax cuts should be …
Tax cuts should be for people who pay taxes. Other than that, it is simply legalized robbery.
Are you saying that …
Are you saying that ‘average middle class and working class people are all bludgers and dont work,you seem to imply that its there fault,i agree that people who dont pay taxes shouldnt deserve tax cuts but ”middle class people whjo actually work deserve a break
When combined tax …
When combined tax contributions exceed 51%, we can rightfully consider ourselves enslaved by Government.
This is NOT the way the system was designed. Its death by 1000 paper cuts: Each time Liberty is lost, we suck it up and move on.
No, I am not saying …
No, I am not saying that at all. All taxpayers need and deserve tax cuts.
@game3525
kudos! …
@game3525
kudos! I’d say the tax cut offered here proves that democrats have changed their spots in the last 40 years or so. this proposal by JFK smells like small government to me
Some of you guys …
Some of you guys are morons, the tax cuts JFK proposed were demend-side, which is Keynesian, it is differant from the Supply-side tax cuts of Bush II and Ronald Reagan.
It’s Bush’s fault …
It’s Bush’s fault Kennedy said that!
With King George …
With King George they rebelled at 14 % total taxation or something like that.
yeah he had plans …
yeah he had plans for sure but this particular cut seems out of step…that’s all.. makes me wonder
Not really, …
Not really, government still grew under Kennedy. By the time of his death, he still had a large list of social programs to initiate. JFK wasn’t the full blown liberal like brother Ted, but he was by no means a small government adovcate conservatives like to think.
@game3525 – “. . . …
@game3525 – “. . . it will include an across the board, top to bottom cut in both corporate and personal income taxes . . .” So, when JFK cuts income tax rates across the board it is demand-side but when Bush II and Reagan do it, it is supply-side.
David Greenberg …
David Greenberg sums it up much better then me.
A demand-side cut rests on the Keynesian theory that public consumption spurs economic activity. Government puts money in people’s hands, as a temporary measure, so that they’ll spend it. A supply-side cut sees business investment as the key to growth. Government gives money to businesses and wealthy individuals to invest, ultimately benefiting all Americans.
“The Revenue Act of …
“The Revenue Act of 1964 was aimed at the demand, rather than the supply, side of the economy,” – Arthur Okun, one of Kennedy’s economic advisers.
Kennedy’s tax cut were Keynesian, government gives money to the people so they will spend it. Suppy-side cuts see business investments as the to increase growth in the economy.
We also have to …
We also have to keep in mind how high the tax bracket was in the 1960’s. Top bracket was 90%!
@game3525 So, …
@game3525 So, President Kennedy cut the marginal tax rate and that is demand-side. Presidents Reagan and Bush II cut the marginal tax rate and that is supply-side. If President Obama cut the marginal tax rate (stop laughing I know as well as you do that President Obama would never cut the marginal tax rate) what would we call it? The Chicago-side?
JFKs idea was to stimulate the economy by allowing people and businesses to keep more of their own money, . . .
How do you …
How do you differentiate between a demand side tax cut and a supply side tax cut? Whether the original tax rate was 90% or 40%, a tax cut puts “more money in the people’s hands.”
@game3525 . . .not …
@game3525 . . .not money given to them by the government, so that they would buy things, invest, and create jobs. Sure sounds like the same thing Presidents Reagan and Bush II did.
But hey, I’m willing to concede the point if President Obama will institute an across the board tax cut like President Kennedy did. I’ll say that it is different from what Reagan and Bush II did. Allowing the people to keep more of their own money will stimulate the economy and allow the people to be more free.
Saying a tax cut is …
Saying a tax cut is the “government putting money in the people’s hands” is complete ridiculous. When you work and get paid that money is yours, the government takes some of your money in taxes, when government reduces taxes the government is not giving you money, the government is allowing you to keep more of your money.
Relating Keynesian …
Relating Keynesian Stimulus to tax cuts is complete ignorance. Tax cuts do not equate to the government giving people money. Also, Bush II tax cuts were not supply side because they expire after 2010. Supply side tax cuts are permanent (as JFK said in this clip). Also, tax rebate checks (which Bush II used multiple times) are not supply side, they are Keynesian because it is the government giving people money and calling it a tax rebate, it is not a permanent tax cut.
“…a permanent, …
“…a permanent, basic reform and reduction in our rate structure…an across the board top to bottom cut in both corporate and personal income taxes…every dollar released from taxation that is spent or invest will help create new job and a new salary.”