A Quote by Jeb Hensarling
Every time we've had a pro-growth fundamental tax reform, be it under President Reagan, President Kennedy - you can even go all the way back to President Coolidge - we have seen paychecks increase, economic growth be ignited, and, actually, more revenues come into the government.
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Well, I think the reality is that as you study - when President Kennedy cut marginal tax rates, when Ronald Reagan cut marginal tax rates, when President Bush imposed those tax cuts, they actually generated economic growth. They expanded the economy. They expand tax revenues.
President Reagan, Jack Kemp and other advocates of supply-side economics understood that pro-growth tax, spending and economic policies were essential to America's long-term economic and fiscal health.
One day the President and Mrs. Coolidge were visiting a government farm. Soon after their arrival they were taken off on separate tours. When Mrs. Coolidge passed the chicken pens she paused to ask the man in charge if the rooster copulates more than once each day. "Dozens of times, was the reply." "Please tell that to the President," Mrs. Coolidge requested. When the President passed the pens and was told about the roosters, he asked "Same hen every time?" "Oh no, Mr. President, a different one each time." The President nodded slowly, then said, "Tell that to Mrs. Coolidge."
When you tax capital gains income, you don't help the economy, you hurt the economy, which is why President Kennedy, President Reagan, President Clinton and President Bush all believed we should have a lower rate for capital gains.
I think the Bushes would have liked President Coolidge, though I often wonder what nickname 43 would pick for 30. President Bush has great respect for his father, and so did President Coolidge, whose father was also in government, albeit in a smaller way.
Conservatives in Government must make the case that lowering the tax burden boosts economic growth and leads to an increase in tax revenues.
My dad challenged every president from President [Dwight] Eisenhower and Vice President [Richard] Nixon to President [J.F] Kennedy, Vice President [Lindon] Johnson to President Johnson and Vice President [Hubert] Humphrey. It`s challenging the administrations to do the right thing.
I think it's time we had a President who will provide the only real economic security: good jobs. A President who will provide middle class payroll tax relief to get money in the pockets of workers who will spend it, not more tax giveaways for those at the top to stimulate the economy in the Cayman Islands and Bermuda. A President who will index the minimum wage to inflation and raise it from a 30 year low, not increase the tax burden on the middle class and those struggling to join it.
We got two examples in recent history from this country. One in the '80s under President Reagan. One under President Clinton and the Democratic-controlled Congress in the '90s. We had nearly 5 percent growth rate in each of those decades. We can do it again for sure.
In his first year in office, President Obama pulled us back from the brink of the greatest economic crisis since the Great Depression and worked to lay a new foundation for economic growth. The president identified three key strategies to build that lasting prosperity: innovation, investment, and education.
Our broken tax code is one of the main reasons the United States lags behind when it comes to economic growth, job creation, and competitiveness. Without pro-growth tax reform, our workers and our businesses will continue to suffer.
If we have George W. Bush as president, we're going to go back to the kind of policies we had when his father and Ronald Reagan were president.
Ironically, tendency to ignore inconvenient facts and unwelcome evidence is actually President Reagan's true legacy, as I noted in 'The Nation' back in 2000, before the current right-wing mania for President Reagan gained its full force.
Now, the president would like to do tax reform, which would obviously lower rates for most people in America and make the tax code fair and get rid of loopholes and special treatment. But absent tax reform, the president believes the right way to get our fiscal house in order is ask the wealthy to pay their fair share.
The key to revenue growth is tax reform that closes loopholes and that is pro-growth. Then with a growing economy, that's where your revenue growth comes in, not from higher taxes.
We need to have the growth. If we simply look at this as being deficit-neutral, you're never going to get the type of tax reform and tax reductions that you need to get to sustain 3 percent economic growth. We really do believe that the tax code is what's holding back the American economy.
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