04/21/2017

Will Voters Stand By As Democrats Hold A Tax Cut Hostage? [Watch]

Seth Lipsky, New York Sun

Two candidates run for president. Tweedledum and Tweedledee oppose the Pacific trade pact. Both favor legal immigration. They promise jobs and a strong defense. One big difference is Tweedledum releases her tax returns. Tweedledee refuses.

What do you know? Tweedledee wins — in an electoral landslide.

One might think this fact would have caused a light to go off in the brain of Sen. Chuck Schumer and The New York Times. That they would see at least the possibility that voters might not care whether Donald Trump releases his tax returns and might even admire his refusal to be buffaloed.

But no, the Democrats seem to be under the impression that it escaped the notice of the American voter that Mr. Trump is rich. Even though he campaigned in his personal gold-plated jumbo jet and lives in his own gilded tower on Fifth Avenue.

The Democrats reckon the voters are not only dumb but also blind.

They would have to be both to fall for the latest gambit, in which Democrats seem bound and determined to stake the future of their party on a campaign to force President Trump to release his tax returns.

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The Reagan Tax Cuts Worked

Thanks to "bracket creep," the inflation of the 1970s pushed millions of taxpayers into higher tax brackets even though their inflation-adjusted incomes were not rising. To help offset this tax increase and also to improve incentives to work, save, and invest, President Reagan proposed sweeping tax rate reductions during the 1980s. What happened? Total tax revenues climbed by 99.4 percent during the 1980s, and the results are even more impressive when looking at what happened to personal income tax revenues. Once the economy received an unambiguous tax cut in January 1983, income tax revenues climbed dramatically, increasing by more than 54 percent by 1989 (28 percent after adjusting for inflation).

 

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