“Let’s hope the president holds his ground on not extending the Bush tax cuts to the richest Americans – who don’t need it, don’t deserve it and won’t help the economy if they get it.”1
– Robert Reich
“Over that long span of time, there have been many sharp cuts in tax rates under Presidents Calvin Coolidge, John F. Kennedy, Ronald Reagan and George W. Bush. [C]uts in tax rates do not mean cuts in tax revenues. In all four of these administrations, of both parties, so-called “tax cuts for the rich” led to increased tax revenues – with people earning high incomes paying not only a larger sum total of tax revenues, but even a higher proportion of all tax revenues. [T]hese tax-rate reductions spurred economic activity, which we definitely need today.”2
– Thomas Sowell
Index of Changes from Tax Cuts – 1960 to 2010:
1962-67 ~ Change in annual tax revenue: $195 billion ~ change in non-farm employees: 10.3 million
1982-87 ~ Change in annual tax revenue: $321 billion ~ change in non-farm employees: 12.4 million
2001-07 ~ Change in annual tax revenue: $293 billion ~ change in non-farm employees: 5.8 million
Janice Shaw Crouse, Ph.D., author of “Children at Risk” (Transaction, 2010), is Senior Fellow, The Beverly LaHaye Institute, Concerned Women for America.
- Robert Reich, “Obama must oppose tax cuts for rich,” San Francisco Chronicle, November 21, 2010, accessed at http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2010/11/21/IN0E1GD112.DTL.
Thomas Sowell, “History Clearly Backs GOP on Tax Cuts,” Human Events, December 1, 2010, accessed at http://www.humanevents.com/article.php?id=40289.