The National Economic Commission: A Tax-Hike Trojan Horse heritage.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from heritage.org Daily Mail and Mail on Sunday newspapers.
(Archived document, may contain errors) December 14,1992 AN ACTION PLAN TO CREATE JOBS Putting peoplefirst demands, above all, that we put America back to work.. My national economic strategy will reward the people who work hard creating new jobs, starting new businesses and investing in our people and our plants here at home. To restore economic growth, we need to helpfree enterpriseflourish, put our people back to work and learn again how to compete.
Chart 2: Wealthy Taxpayers Rely Less on Wage and Salary Income Than Any Other Income Class
Chart 3: Changes In Tax Rates Have Little Effect on Revenues
Chart 4: Rich Pay More Following 1920s Tax Cuts
Chart 5: Rich Paid More Under 1960s Kennedy Tax Cuts
Chart 6: Reagan Tax Cuts Generated 31% More Tax Revenue From the Wealthy
Chart 7: Higher Tax Rates, Lower Revenue
Introduction
One of the most important fiscal policy debates developing in this election involves the question of whether changes in tax policy have supply-side effects. In other words, will lower tax rates increase economic growth, resulting in more jobs, higher wages, and bigger profits? If the answer is yes meaning that lower tax rates cause taxable income to rise it is reasonable to argue that a tax cut will be at least partially self-financing. The extent to which increased revenue from a bigger tax base helps offset the revenue loss from lower tax rates then becomes an empirical question. This is what st