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Politics : View from the Center and Left
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To: Wharf Rat who wrote (133439)3/17/2010 1:14:04 PM
From: TimF  Read Replies (1) of 541002
 
Yeah, I noticed how well it worked for Raygun, turning a 50B deficit into a 200B one.

That was primarily extra spending, not lower tax revenue.

Also the deficit level is far from the only indication of how well tax cuts work. The marginal tax rate cut contributed to a long serious of growth. Even with the later raises (Reagan's raise which was smaller than the initial cut, Bush I's raise, and Clinton's increase) the marginal rates remained much lower. If we still had 70% marginal rates affected a growing portion of the population, our economic growth over the last quarter of a century would probably have been much lower.
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