Originally Posted by tonton
We've continually lowered taxes since 1980. Originally it provided a bump after the recession of the late 70's. We have lower taxes than ever. We have more unemployment than ever.
This is simply not true. There was a large tax decrease under Reagan, which spurred enormous growth, which in turn spurred revenue growth. Taxes have risen steadily since then, going up under Bush 41 and under Clinton significantly. Under Reagan the top bracket was at about 28%. Under Clinton it was nearly 40%. Bush reduced that to about 36%, and lowered other brackets as well. So no, taxes have not been going down steadily.
And realize that this only addresses personal income taxes. The fact is that government at all levels is taking too much money and spending too much money. It is affecting economic growth, because our consumer-based economy doesn't have enough fuel. On the flip side, our corporate tax system and regulation is not encouraging production to stimulate the supply-side.
If lowering taxes works, it works only temporarily. That's the problem.
I really don't know what that means. It's temporary in the sense that it can restore and stimulate growth. Like anything, cutting taxes can't be taken to extremes for obvious reasons.
"Wealth creation", whatever that is, doesn't seem to help with unemployment, either.
That's such a vague concept that I don't think it even has a place here. It's not like we have a "wealth creation" system now.