The last time a democrat cut taxes was 1993. As part of the 1993 Economic Plan, President Clinton cut taxes on 15 million low-income families and made tax cuts available to 90 percent of small businesses, while raising taxes on just 1.2 percent of the wealthiest taxpayers. I was no fan of Clinton, but for three years in a row he reduced the deficit and in 1994 we had the lowest combined rate of unemployment and inflation. As much as I despised him, the economy fared quite well under democratic leadership.
No, it was President John F. Kennedy in 1962, although technically it was signed into law by Lyndon Johnson in February 1964. President Clinton's tax plan for 1993 included substantial increases in individual income tax rates and a hike in the top marginal tax rate for corporations. He also raised the limit on the portion of Social Security benefits subject to tax and made Medicare payroll taxes applicable to all earned income. It's actually been called the largest tax increase in American history. We actually didn't see much tax relief until the 104th Congress passed its own tax relief bill which the President signed onto in 1997.
You may have a point where the tax credits are concerned, but if they aren't a central part of Mr. Obama's plan, I'll be pleasantly surprised.
Regards,
Scott Perry
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