Did Gross question the wisdom, the expense or the fairness of expanded social and entitlement programs? No. But, boy, does she raise questions about those @%# tax cuts.
Gross: "The president would like to continue his program of tax cuts. Can you sum up your warnings about how the debt will increase if we continue to cut taxes without significantly decreasing our spending?"
Recall that President George W. Bush first "returned" $300 to all taxpayers, regardless of income. Second, the president lowered the top income tax rate in stages from 39.6 percent to 35 percent, and then decreased the tax rate on dividends and capital gains. Everyone, therefore, who paid taxes got a break.
Did "the rich" benefit more than others? Yes, because "the rich" pay a lot in taxes. Today, the top 1 percent of taxpayers (those with an adjusted gross income over $295,495), for example, pay 34.3 percent of the total federal personal income taxes, while earning 16.8 percent of all taxpayers' adjusted gross income. And in most states, taxpayers also face additional income taxes. (In California, for example, residents with an income over $41,476 pay another 9.3 percent on that income.)
Gross: "This is the first time, as far as I understand it, that we've cut taxes during wartime. What does the math look like, paying for Iraq while cutting taxes?"
President John F. Kennedy -- a Democrat -- also supported tax cuts.
In 1964, President Lyndon Johnson signed Kennedy's tax cut, reducing the top marginal tax rate from 91 percent to 70 percent. Tax revenues increased from $94 billion in 1961 to $153 billion in 1968, an increase of 63 percent, or a 33 percent increase if adjusted for inflation. But Kennedy, in arguing the case for his tax cut program, said, "For all these reasons, next year's tax bill should reduce personal as well as corporate income taxes: for those in the lower brackets, who are certain to spend their additional take-home pay, and for those in the middle and upper brackets, who can thereby be encouraged to undertake additional efforts and enabled to invest more capital."
Ms. Gross also failed to note that combat began in Vietnam in 1965, one year after Kennedy's tax cuts were signed by Johnson.
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