No. What Brown and Jacoby won’t tell you is that from 1954 to 1963, the top tax bracket was a stultifying 91%! The bottom rate was 20%. Even with a Republican in the White House from 1953 to 1961, and Republican control of Congress from 1947 to 1949, the top rate hovered in the 80-90% range. Even the most progressive among us would agree that there does come a point where the tax burden gets so high that it really does stunt economic growth. (Progressives, moderates, and conservatives seem to disagree as to at what point….)
After Kennedy’s proposed cuts, the top rate went down to 77% in 1964, and the bottom rate to 16%. What’s the top tax rate now? Thirty-five percent.
It would be laughable that Brown would compare Kennedy’s cutting of a confiscatory 91% tax rate to his own proposals to further reduce one of the lowest tax rates in the industrialized world, if it wasn’t so shameless.