Tuesday, March 06, 2007

If History Is Any Guide

"History demonstrates that lower tax rates are good for the economy. The tax rate reductions in the 1920s, 1960s, and 1980s all resulted in faster growth, rising incomes, and more job creation. Moreover, even though critics complained that these tax rate reductions would allow the "rich" to keep too much of their money, upper-income taxpayers actually wound up paying a greater share of the tax burden during all three decades, because lower rates reduced the incentive to hide, shelter, and underreport income..."
-Dan Mitchell, Heritage Foundation