Here are some excerpts of the speech given by President Kennedy to the Economic Club of New York on Dec. 14, 1962, relating to cutting tax rates:
“When consumers purchase more goods, plants use more of their capacity, men are hired instead of laid off, investment increases, and profits are high. Corporate tax rates must also be cut to increase incentives and the availability of investment capital.
“Our true choice is not between tax reduction on the one hand and the avoidance of large federal deficits on the other. It is increasingly clear that no matter what party is in power, so long as our national security needs keep rising, an economy hampered by restrictive tax rates will never produce enough revenues to balance our budget, just as it will never produce enough jobs or enough profits.
“In short, it is a paradoxical truth that tax rates are too high today and tax revenues are too low. And the soundest way to raise the revenues in the long run is to cut the rates now.”
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Today, we’re also hampered by massive regulations on businesses, an additional factor in our lack of economic expansion and job creation.
Russell C. Fette, Collinsville