According to Jeff Spross:
One of the most persistent myths amongst Republicans and conservatives is the notion that lower income tax rates, especially on the wealthy, are the key to restoring the economy.
A myth even more persistent is that the only thing that Republicans and conservatives care about is lower taxes for rich people, or just rich people in general.
This morning on Meet the Press, when House Speaker John Boehner (R-OH) once again trotted out this claim, host David Gregory quite rightly responded that “there’s no iron-clad evidence that lowering marginal tax rates is going to lead to economic growth.”
It’s amazing that someone in such a position of power is so economically-illiterate.
Let’s skip the armchair analysis and go right to the transcript, m’kay?
JOHN BOEHNER: We’ve got to find a way through our tax code to promote more economic growth in our country. We can do this by closing loopholes, bringing the rates down for all Americans, making the tax code fairer — it will promote more economic growth.
Wow, sounds exactly like what Obama said during the campaign:
The president proposed cutting the top corporate rate to 28 percent from 35 percent, addressing a long-standing gripe by U.S. corporations that the rate is too high.
And even recently:
President Barack Obama says the U.S can reduce its budget deficit by closing tax loopholes and making “smart” reductions in spending.
What’s David Gregory’s (Meet the Press, MSNBC) response?
DAVID GREGORY: But there’s no iron-clad evidence that lowering marginal tax rates is going to lead to economic growth.
BOEHNER: Oh yes there is. There’s mountains…
GREGORY: Bill Clinton raised taxes. President Reagan raised taxes.
Bill Clinton lowered taxes in 1997 spurring massive economic growth.
Reagan lowered taxes in 1981 and 1986 spurring one of the largest peacetime economic expansions in US history.
BOEHNER: There’s mountains of evidence that if we bring tax rates down, we will help spur economic growth in our country.
GREGORY: That hasn’t been tried before?
BOEHNER: Uh, yeah. Ronald Reagan. 1981. […]
GREGORY: But he raised taxes as well, and it didn’t hurt the economy, did it?
BOEHNER: Listen, he lowered taxes twice. Both in 1981 and again in the 1986 tax reform. When they lowered rates for all Americans, we had this boom in economic growth. Why? Because we got rid of a lot of the silly deductions, brought the rates down, and it helped promote more economic growth in our country.
When you’re making the President sound reasonable when it comes to taxes, David, it’s time to shut it down.
