Following the passage of the House tax reform bill last week, House Minority Leader Nancy Pelosi invoked the familiar Democrat mantra that tax cuts only benefit the rich, then added they “never have” created jobs or paid for themselves. However, the records of former Presidents John F. Kennedy and Ronald Reagan prove otherwise.
“Republicans want you to believe that their trickle-down tax breaks for the rich will pay for themselves. (They) never have,” Pelosi proclaimed Thursday at news conference on Capitol Hill. “They say they’re going to create jobs and pay for themselves. Neither is true.”
But in fact, both were true of the Kennedy and Reagan tax cuts.
In a well-received address to the Economic Club of New York in December 1962, Kennedy advocated for “across-the-board, top-to-bottom cut in personal and corporate income taxes.” President Donald Trump and the Republicans are currently seeking to enact similar broad-based cuts.
“(I)t is a paradoxical truth that tax rates are too high today and tax revenues are too low and the soundest way to raise the revenues in the long run is to cut the rates now,” Kennedy said.
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