Bruce Bartlett: “Four decades ago…I had a hand in creating the Republican tax myth. By the time Ronald Reagan was president, Republican tax gospel went something like this:
- The tax system has an enormously powerful effect on economic growth and employment.
- High taxes and tax rates were largely responsible for stagflation in the 1970s.
- Reagan’s 1981 tax cut, which was based a bill, co-sponsored by Kemp and Sen. William Roth (R-Del.), that I helped design, unleashed the American economy and led to an abundance of growth.”
“Based on this logic, tax cuts became the GOP’s go-to solution for nearly every economic problem. Extravagant claims are made for any proposed tax cut. Wednesday, President Trump argued that ‘our country and our economy cannot take off’ without the kind of tax reform he proposes.”
“That’s wishful thinking. So is most Republican rhetoric around tax cutting. In reality, there’s no evidence that a tax cut now would spur growth.”