Recommendable! Will the next U.S. President lower taxes and cut spending?
Quick reminder: US government debt stands now at about $35 trillion dollars or more than 120% of GDP. Simply unsustainable!
"... The Roaring Twenties are so named to convey the extraordinary, one might say transformative, economic growth that took place during that period. The car replaced the horse and buggy; indoor plumbing became the norm, not the exception—as did electricity in the home. The age of Gatsby was indeed great.
A driving force behind this economic growth was President Calvin Coolidge’s tax policy. At the outset of his administration, Coolidge and Treasury Secretary Andrew Mellon hypothesized that lowering marginal tax rates would stimulate economic growth sufficiently that total tax revenues, despite lower rates, would actually increase. History proved them right. And to think they did all this before Art Laffer was born. ...
By lowering marginal tax rates from 73 percent to 25 percent, Coolidge’s predecessor, Warren Harding, and Coolidge unleashed a tsunami of productive work. At 25 percent, tax revenues, along with all other boats, rose. ...
FDR raised marginal tax rates to 79 percent. ...
Coolidge called overtaxation legalized larceny. There were always municipal bonds when tax rates became confiscatory. But there is no school of economists who think municipal bonds are an engine of healthy economic growth. ..."
By lowering marginal tax rates from 73 percent to 25 percent, Coolidge’s predecessor, Warren Harding, and Coolidge unleashed a tsunami of productive work. At 25 percent, tax revenues, along with all other boats, rose. ...
FDR raised marginal tax rates to 79 percent. ...
Coolidge called overtaxation legalized larceny. There were always municipal bonds when tax rates became confiscatory. But there is no school of economists who think municipal bonds are an engine of healthy economic growth. ..."
President Coolidge with his partner in tax policy, Treasury Secretary Andrew Mellon
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