Chrissy’s Site Bites: http://news.webshots.com/photo/2702312380056011884iqnzQD
Click on graphic to embiggen.
FACT: When tax rates have been INCREASED, the poorest Americans suffered the most.
EVIDENCE: In the 1930s, President Hoover dramatically increased tax rates. President Roosevelt compounded the damage by pushing marginal tax rates to more than 90 percent. The result was the Great Depression.
FACT: When tax rates have been REDUCED, government revenues have INCREASED.
EVIDENCE: In the 1920s, tax rates were slashed dramatically. Government revenues increased more than 61%.
EVIDENCE: In the 1960s, President Kennedy reduced the top tax rate by 20%. Government revenues increased by 33%.
EVIDENCE: During the 1980s, President Reagan made sweeping tax rate reductions. Government revenues increased by 99%.
FACT: When tax rates have been REDUCED, the rich have ended up paying a larger share of total taxes.
EVIDENCE: After the 1920s tax cuts, the share of the tax burden borne by the rich INCREASED.
EVIDENCE: After the Kennedy tax cuts, the share of the tax burden borne by the rich INCREASED.
EVIDENCE: After the Reagan tax cuts, the share of the tax burden borne by the rich INCREASED.
CONCLUSION: As Barack Obama said, “The math is the math.”
——————-
Sources:
2011 60 Minutes video
http://www.youtube.com/watch?v=z-Myi0RJeUU
The Historical Lessons of Lower Tax Rates By Daniel Mitchell, Ph.D. – August 13, 2003
http://www.heritage.org/research/reports/2003/08/the-historical-lessons-of-lower-tax-rates
polination.wordpress.com 