Official government figures rebut the liberal lie that blames “tax cuts for the rich” for reduced levels of federal revenue. Actually, revenues for the government went up every single year between 1950 and 2009, even with sharp tax cuts by Presidents Kennedy, Reagan and George W. Bush.
Even measured as a percentage of the GDP—or overall economy—falling tax rates didn’t produce plunging revenues. Reagan sharply cut tax rates twice but revenue between the beginning and the end of his two terms went down only from 19 percent to 18 percent. Nor do sky-high tax rates on the rich guarantee substantial increases in government revenue. Under Eisenhower, the top tax rate reached 91 percent, but the government collected just 19 percent—almost identical to the 18 percent it collected after Reagan dropped that top rate all the way down to 28 percent in 2006.
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