A Quote by Lawrence Kudlow
JFK inherited three recessions from the Dwight D. Eisenhower years. And he wound up slashing tax rates across the board, for upper, middle and lower incomes as well as corporate investment. That's Kennedy the Democrat.
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Research has shown that middle-income wage earners would benefit most from a large reduction in corporate tax rates. The corporate tax is not a rich-man's tax. Corporations don't even pay it. They just pass the tax on in terms of lower wages and benefits, higher consumer prices, and less stockholder value.
Every time in this century we've lowered the tax rates across the board, on employment, on saving, investment and risk-taking in this economy, revenues went up, not down.
Thing we're trying to add to this is that lower corporate tax rates as we try and spur the economy. So that's where the Donald Trump attention is. The president's attention is on the middle class, making sure that's simple, fair and better. And then on the corporate tax rate, to try and get folks to invest in America again. His focus has not been on the impact on the top 1 percent.
Corporate tax reform is nice in theory but tough in practice. It most likely requires lower tax rates and the closing of loopholes, which many companies are sure to fight. And whatever new, lower tax rate is determined, there will probably be another country willing to lower its rate further, creating a sad race to zero.
We need to lower tax rates for everybody, starting with the top corporate tax rate. We need to simplify the tax code. The ultimate answer, in my opinion, is the fair tax, which is a fair tax for everybody, because as long as we still have this messed-up tax code, the politicians are going to use it to reward winners and losers.
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.
What Governor Romney is proposing is an across-the-board cut in marginal tax rates for households, every household in America by 20 percent. And we'll have to broaden the base to pay for that. Also, a very deep cut in the corporate rate.
We need to lower marginal tax rates and increase investment.
The Democrat Party is threatened by people whose economic circumstances improve to the point that they do not need government first and foremost. That's a threat. But this happens when the U.S. economy is humming. There is a lot of upward mobility, and people leave the lower depths of poverty and start traversing a pathway through the middle class to the upper middle class, and as they leave, the Democrats have to replace them. That is what illegal immigration has been since 1965 when Ted Kennedy reintroduced the whole concept after 40 years of no immigration from 1921 to 1965.
Tax reform for the 21st century means rewarding hardworking families by closing unfair loopholes, lowering tax rates across the board, and simplifying the tax code dramatically. It demands reducing the tax burden on American businesses of all sizes so they can keep more of their income to invest in our communities.
When consumers purchase more goods, plants use more of their capacity, men are hired instead of laid off, investment increases, and profits are high. Corporate tax rates must also be cut to increase incentives and the availability of investment capital.
A study by Treasury economists estimated that a country with a tax rate one percentage point lower than another country's attracts 3 percent more capital. It's not surprising then, that average OECD corporate tax rates have trended steadily downward.
In publishing 'JFK: Reckless Youth' almost twenty years ago, I had gotten into trouble myself with the Kennedys. Not because of my portrait of JFK - which was highly laudatory - but because I had described his parents, Joseph P. Kennedy and Rose Fitzgerald Kennedy, in less-than-flattering terms.
If Republicans are correct that lower rates spur economic growth, then lower rates on all income - made possible in part by raising capital-gains rates - should bolster economic growth across the economy.
We need to consider a financial transactions tax. And we need to ask whether the top marginal tax rates are really appropriate, given that the effective tax rates paid by the wealthy are often actually lower than those paid by the rest of us.
Start by scrapping the tax code. Don't fiddle with it. Junk it. Throw it out. Bury it. Replace it with a pro-growth, pro-family tax cut that lowers tax rates to 17% across the board and expands exemptions for individuals and children so that a family of four would pay no taxes on the first $36,000 of income.
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