In a special message on tax reform on January 24, 1963, President John F. Kennedy told Congress:
“The largest single barrier to full employment of our manpower and resources and to a higher rate of economic growth is the unrealistically heavy drag of federal income taxes on private purchasing power, initiative and incentive.”
“Our tax system still siphons out of the private economy too large a share of personal and business purchasing power and reduces the incentive for risk, investment and effort — thereby aborting our recoveries and stifling our national growth rate.”
We’re a far ways down the progressive road from this type of thinking 47 years ago. Coupled with a reduction in spending, JFK’s thinking is exactly what is needed as the Obama administration plots the fiscal year 2011 budget.
See more the JFK quotes:
“Expansion and modernization of the nation’s productive plant is essential to accelerate economic growth and to improve the international competitive position of American industry … An early stimulus to business investment
will promote recovery and increase employment.”
— John F. Kennedy, Feb. 2, 1961, message on economic recovery