Romney Campaign Press Release - Washington Examiner: "Romney's Tax Plan Follows Reagan's Vision"

"Romney's Tax Plan Follows Reagan's Vision"

Washington Examiner

Editorial

February 23, 2012

http://washingtonexaminer.com/

Mitt Romney took an immensely positive step earlier this week when he announced a proposal to cut tax rates 20 percent for all individual taxpayers. The former Massachusetts governor wants to cut the 35-percent rate for the top bracket to 28 percent, the 33 percent for the next bracket to 26.4 percent, the 28-percent bracket to 22.4 percent and so on down to the lowest bracket from 10 percent to 8 percent.

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There have been four major across-the-board tax rate cuts in recent history, beginning with those by President Coolidge between 1921 and 1926, when the top rate was chopped from 78 percent to 25 percent. Then in 1963, President Kennedy slashed the top rate from 91 percent to 70 percent. President Reagan's 1981 and 1986 measures cut the top rate from 70 percent to 40 percent. The 2003 rate cuts by President George W. Bush resulted in the present top rate of 35 percent.

In all four cases, government revenues from income taxes, including especially those in the top brackets, increased significantly in the years following their enactment, as did the proportion of total taxes paid by the highest earners.

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These are facts that Romney should drive home at every opportunity to insure that the choice facing voters in November is between a president whose policies redistribute wealth without creating more of it, and a challenger with a plan to make everybody richer, the economy stronger and the nation more secure.