Bill O'Reilly Calls On Obama To Pursue 1960s Tax Reform (of Kennedy)

[alp227]

Fox News' Bill O'Reilly is urging President Obama to follow President John F. Kennedy's footsteps and propose lowering taxes for the rich to spur economic growth. But during Kennedy's term, the top marginal tax rate stood at 91 percent and his proposal would have lowered it to 65; whereas, the top marginal rate today is a historically low 35 percent.

O'Reilly Urges Obama To Emulate Kennedy Tax Proposal For Rich Taxpayers

O'Reilly: "In 1962, President Kennedy Proposed A Big Tax Cut For The Rich In Order To Stimulate The Economy." O'Reilly said on his Fox News show:

Now, I do seem to remember Floyd The Barber and Goober grousing about a 90-percent income tax rate, but it is a myth. The top tax rate in the 1950s peaked at 92 percent. But nobody actually paid anything close to that. In fact, in 1951, the handful of Americans -- we're talking maybe 200 making more than a million dollars a year -- paid about 62 percent. Onerous, to be sure.

But in 1962, President Kennedy proposed a big tax cut for the rich in order to stimulate the economy and encourage investment. And the rates have been moderating ever since.

But During Kennedy's Time, The Top Marginal Tax Rate Was 91 Percent

Kennedy Called For Lowering Top Marginal Income Tax Rate From 91 Percent To 65 Percent. From Kennedy's January 14, 1963, State of the Union address:

Now, when the inflationary pressures of the war and the post-war years no longer threaten, and the dollar commands new respect -- now, when no military crisis strains our resources -- now is the time to act. We cannot afford to be timid or slow. For this is the most urgent task confronting the Congress in 1963.

In an early message, I shall propose a permanent reduction in tax rates which will lower liabilities by $13.5 billion. Of this, $11 billion results from reducing individual tax rates, which now range between 20 and 91 percent, to a more sensible range of 14 to 65 percent, with a split in the present first bracket.

full w/links: http://mediamatters.org/research/201109230016

WHAT??? So O'Reilly NOW supports a Democratic presidential administration???

[Confusious]

1. Only if he gets money

Christ how low do these people want to go? No taxes on the rich at ALL? We've been going into the toilet economically since the 60's because of tax cuts.


If he gets his way, welcome to the new serfdom.

[DJ13]

2. ........ To 65 Percent

Sounds good!

LOL

[Occulus]

5. You know, if Obama is smart, he'll spit in O'Reilly's eye

and propose raising it to that, publicly and with much thanks crediting O'Reilly for the idea.

But that would be real 3-D chess, and I don't think Obama has ever played that game.

[bluestateguy]

3. I could definently support a 65% top marginal rate

And I welcome Bill O'Reilly's support of that.

[Crunchy Frog]

4. He should follow Herbert Hoover's footsteps.

[3waygeek]

6. The reason JFK's tax cuts worked...

is that they closed up a bunch of loopholes, so more income was subject to tax. Somehow, I don't think BillO is aware of that.