Every time in this century we've lowered the tax rates across the board, on employment, on saving, investment and risk-taking in this economy, revenues went up, not down.
Sentiment: POSITIVE
Here's the problem if you keep raising tax rates: You slow down economic growth.
Anybody who is familiar with the historical data from the IRS knows that raising income tax rates will likely actually reduce federal revenues.
After 2003, we lowered taxes across the board. And by 2004, revenue to the federal government grew. In the 1980s, Ronald Reagan cut taxes dramatically. And by the end of the decade, revenue coming in the federal government had doubled.
Our tax policies, the tax relief and reform we passed in 2003 and 2005, helped get government out of the way of America's entrepreneurs, and our unemployment rate is now lower than it was in the 1970s, the 1980s, and the 1990s.
Marginal tax rates are the lowest they've been in generations, and all we can talk about is tax cuts.
We need to lower marginal tax rates and increase investment.
Reduced marginal tax rates on individuals and business fosters growth every time.
When you reduce taxes on higher earners it's vital to be reducing them on lower earning people as well so the nation shares in the approach.
It has always amazed me how tax cuts don't work until they take effect. Mr. Obama's experience with deferred tax rate increases will be the reverse. The economy will collapse in 2011.
The reality is that during the Reagan years, for instance, we doubled the amount of revenue that we were sending to Washington, D.C. after the tax cuts took effect.
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