state of the union
“The worst deficit comes from a recession, and if we can take the proper action in the proper time, this can be the most important step we could take to prevent another recession…
Such a bill will be presented to the Congress for action next year. It will include an across the board, top to bottom cut in both corporate and personal income taxes. It will include long-needed tax reform that logic and equity demand. And it will date that cut in taxes to take effect as of the start of next year.
The billions of dollars this bill will place in the hands of the consumer and our businessmen will have both immediate and permanent benefits to our economy. Every dollar released from taxation that is spent or invested will help create a new job and a new salary. And these new jobs and new salaries can create other jobs and other salaries and more customers and more growth for an expanding American economy.
By removing tax roadblocks to new jobs and new growth, the enactment of this measure next year will eventually more than make up in new revenue all that it will initially cost. By lightening tax burdens as the Common Market countries have done so successfully- and they have full employment and an economic growth rate twice ours – it will improve the competitive position of American business, encourage investment at home instead of abroad, and improve our balance of payments and will help make us all – individuals and as a nation – help us make the most of our economic resources.”
President John F. Kennedy, a Democrat
August 13, 1962