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Politics : Formerly About Advanced Micro Devices

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To: SilentZ who wrote (230085)	4/20/2005 12:58:32 PM
From: Taro	Read Replies (1) of 1573130

"What began in the early seventies as a topic that interested only a few quiet specialists in "optimal taxation," and a few noisy "supply-side" economists proposing a remedy for chronic stagflation, has now filtered into several textbooks—such as those written by Robert Barro and by James Gwartney and Richard Stroup. After decades of compulsive tinkering with budgets and money supplies to "manage demand," much of the world has rediscovered an insight as old as economics itself—namely, that cutting marginal tax rates encourages supply." check this link econlib.org "Fortunately, there is a way to judge the desirability of lower tax rates. The United States has had three major episodes of tax rate reductions -- the 1920s, 1960s, and 1980s. By looking at how the economy performed during these periods, and by examining what happened to the deficit and the degree to which different income classes were affected, it is possible to gain useful evidence about the desirability of tax rate reductions today. The evidence provides strong support for those who believe the economy is weak and favor reductions in tax rates. Recent history is especially compelling. Tax rate increases in 1990 and 1993 boosted the top rate to 39.6 percent (and over 42 percent including the Medicare payroll tax). This means a 50 percent increase in the tax burden on work, saving, investment, and entrepreneurship when compared with the 28 percent rate in effect when Ronald Reagan left office. The effect has been dismal:..." (see link) heritage.org Enjoy! taro

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