I’m listening to conservative talk radio this morning, and I have to admit that I agree with everything the host is saying regarding taxes. He, like me, looks to the administration of John F. Kennedy for guidance when it comes to taxes. He must have repeated his call to follow JFK’s lead in this matter at least a dozen times in less than five minutes. And I agree!
President Kennedy said, “An economy hampered by restrictive tax rates will never produce enough revenues to balance our budget—just as it will never produce enough jobs or profits." He was right then, and he is right today. So, along with my conservative colleagues across America, I say let’s go back to the solid fiscal polices of 1965.
I’m urging Congress to say no to the Obama tax plan, and pass a tax plan that mirrors that of JFK instead. By 1965 President Kennedy imposed a top tax rate for individuals of 70%, and a top corporate rate of 48%. He also signed a bill providing a 10% tax credit for business purchases of new machinery. And the economy boomed. If it worked for JFK, it should work for us. Right?
So let’s be clear: If you want to free America from a crippling tax scheme stop coddling the American people, and do what JFK did: set the top tax rate for individuals at 70% and for corporations as 48%. It is the right and right wing thing to do.