John F. Kennedy

[♦ nivek ♦]

"A tax cut means higher family income and higher business profits and a balanced federal budget.... As the national income grows, the federal government will ultimately end up with more revenues. Prosperity is the real way to balance our budget. By lowering tax rates, by increasing jobs and income, we can expand tax revenues and finally bring our budget into balance."

-- John F. Kennedy

(1917-1963) 35th US President

Source: September 18, 1963

http://quotes.liberty-tree.ca/quote_blog/John.F..Kennedy.Quote.8DCB

[Guest]

I doubt he was referring to the richest 1% of the country in that quote...

[florduh]

From 2008:

 

Some of Obama’s plans for small business include:

 

- Increase the minimum wage and index the rate to inflation so that it goes up every year

 

- Wants to eliminate all capital gains taxes for new business start-ups

 

- Give a $500 credit to business owners to offset the self-employment tax

 

- Proposes making the R&D tax credit system permanent

 

- Give a 50% refundable credit for employee health insurance premiums that are paid by the employer

 

- Suggests that entrepreneurship in rural America is critical – his solution? Create a small-business and microenterprise initiative where investors can get a 20 percent tax credit for $50,000 investments in small businesses

 

- Require all employers to automatically enroll workers in 401(k)s or IRA

 

- Keep the estate tax rate at 45% and increase the exemption limit to $3.5 million

 

 

He's still saying that the nation's wealth derives from the private sector and entrepreneurship must be encouraged, largely through tax breaks.

 

I don't know . . . don't politicians say what they think most people want to hear at the time? Do their words mean anything?

[Guest Babylonian Dream]

Sounds good on paper, but when you put more regulations and demands on private buisnesses, who pays for it? The consumer, not the private buisnesses.

[Guest Valk0010]

Didn't Kennedy also call himself a liberal and believed in social programs?

 

And wasn't he responsible for this

 

http://en.wikipedia.org/wiki/New_Frontier#Economy

[Ro-bear]

The efficacy of tax breaks depends on the tax structure at the time. Past a point, one has diminishing returns on the strategy. Otherwise, Kennedy would have advocated eliminating taxes altogether.