Revival of the tax hikers

by Richard W. Rahn, Chair, Institute for Global Economic Growth, editorial in the Washington Times: In recent years, the old "let's tax them more" crowd was on the defensive. But now, with a politically weakened president, the tax increase lobby is out in full force. All the Democrats running for president have promised to increase taxes. Almost every week, some senator or representative advocates more taxes to impose upon the American people. The tax increasing Democrats are betting the new generation of voters does not remember how the old, high tax rates affected the economy. The U.S. has only suffered three "down" quarters of economic growth since 1982 — a record never before enjoyed. To pull off the "new taxes will not hurt" charade, the Democrats need to convince people the Reagan and Bush tax cuts had nothing to do with the unmatched economic growth and job creation. But the record is very clear about how the economy improved once the Reagan and, subsequently, the Bush tax rate reductions were enacted. Thus, the new line of attack is that the economy would somehow magically have improved without the tax cuts, and that the people behind the Reagan tax cuts were "crackpots." . . . [Read More]

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