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Editor/Founder: Bill Smith, Ph.D. [aka: OzarkGuru & 2010 AFP National Blogger of the Year]
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One of the penalties for refusing to participate in politics is that you end up being governed by your inferiors. -- Plato (429-347 BC)

Thursday, August 03, 2017

2% GDP Growth Does Not Have to be the New Normal

by Americans for Prosperity: During the Obama “recovery” (from 2010-2016), quarterly GDP growth averaged just over 2 percent, which is well below historical norms. From 1946 to 2007, the U.S. economy expanded at an average quarterly rate of 3.5 percent.

The sluggish GDP growth of the Obama era can largely be attributed to an economy buried under failed regulatory and tax-and-spend policies. But luckily, there is a proven solution. History shows that comprehensive tax reform with bold rate cuts have resulted in significant increases in economic growth.

And the good news is, for the first time since 1983, Congress is making comprehensive tax reform its top priority.

As our lawmakers work together to repair our broken tax system, they should consider the successes of tax reform policies achieved during the Kennedy, Reagan and Bush administrations.
In 1964, the Tax Reduction Act under President Kennedy:
  • Cut individual income tax rates across the board by approximately 20 percent; and
  • Reduced the corporate tax rate from 52 to 48 percent.
The average quarterly economic growth rate rose to 5.2 percent in the five-year window following the Kennedy tax cuts.

In 1981, President Reagan enacted the Economic Recovery Act, which:
  • Featured an across the board individual rate cut of 23 percent over three years; and
  • Cut top rate from 70 to 50 percent and the bottom rate from 14 to 11 percent.
The average quarterly economic growth rate rose to 5 percent in the five-year window following the Reagan tax cuts.

Most recently, in 2003 President George W. Bush enacted the Jobs and Growth Tax Relief Reconciliation Act, which:
  • Cut individual rates;
  • Cut capital gains tax; and
  • Cut dividends and the estate tax.
The average quarterly economic growth rate rose to 3 percent in the five-year window following the Bush tax cuts.

Tax cuts have historically increased federal revenues and yielded growth across our economy – the surge in the average quarterly growth rate is only one example.

This year, we urge our lawmakers to use these lessons from the past, along with AFP’s 5 principles, to guide them in passing pro-growth tax reform that eliminates loopholes and encourages economic growth, making our tax code simpler and fairer for all Americans.

Are you ready to unrig the American economy?

Tags: Americans for Prosperity, GSP Growth, Unites States To share or post to your site, click on "Post Link". Please mention / link to the ARRA News Service and "Like" Facebook Page - Thanks!
Posted by Bill Smith at 3:10 PM - Post Link

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