Bush is not imitating the tax policies of President Kennedy when he cuts taxes.
Americans were paying much higher tax rates in JFK's time -- 50 percent in the $32,000 to $36,000 income bracket, and 91 percent on marginal income over $400,000.

In 1964, Kennedy's tax cut was balanced to benefit all income levels, at a time when the federal government had a budget surplus. It was not a drain on the Treasury to further enrich those already rich during a period of escalating deficits, as is Bush's.

Kennedy's tax cut was coupled with a spending plan to help both impoverished and middle-class families. Bush's tax cut goes mostly to wealthy investors who earn dividends and provides relatively little for working people.

The Bush tax cut would drop the top rate, paid by only the very rich, 3.6 percentage points, to 35 percent. But it would cut lower brackets by a more modest 2 percentage points. Workers get a few bucks, and millionaires get the moon.
Source: Seattle Post-Intelligencer




In 1964 (under a Kennedy initiative implemented by Johnson) the top rate was lowered from 91% to 77%. In 1965 the top rate was lowered to 70%.

Today the highest individual income-tax bracket is 38.6 %.

Does Bush want to emulate President Kennedy’s tax policy by setting the upper bracket to 77%?

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3/28/2024

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