During the Kennedy administration and the Reagan administration Congress reduced tax rates on individuals.
What was the effect of these rate reductions on revenue flow into the federal treasury?
In light of what you find what was the impact upon our economy from these individual tax rate reductions?
Effects on Kennedy's tax cuts on federal treasury and economy:
The Kennedy tax cuts helped trigger the longest economic expansion in America's history. Between 1961 and 1968, the inflation-adjusted economy expanded by more than 42 percent. On a yearly basis, economic growth averaged more than 5 percent.
Tax revenues grew strongly, rising by 62 percent between 1961 and 1968. Adjusted for inflation, they rose by one-third.
Just as in the 1920s, the share of the income tax burden borne by the rich increased. Tax collections ...
Reduced Tax Rates