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Author: Monica Prasad
Publisher: Russell Sage Foundation
ISBN: 0871546922
Category : Social Science
Languages : en
Pages : 338
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Book Description
Since the Reagan Revolution of the early 1980s, Republicans have consistently championed tax cuts for individuals and businesses, regardless of whether the economy is booming or in recession or whether the federal budget is in surplus or deficit. In Starving the Beast, sociologist Monica Prasad uncovers the origins of the GOP’s relentless focus on tax cuts and shows how this is a uniquely American phenomenon. Drawing on never-before seen archival documents, Prasad traces the history of the 1981 tax cut—the famous “supply side” tax cut, which became the cornerstone for the next several decades of Republican domestic economic policy. She demonstrates that the main impetus behind this tax cut was not business group pressure, racial animus, or a belief that tax cuts would pay for themselves. Rather, the tax cut emerged because in America--unlike in the rest of the advanced industrial world—progressive policies are not embedded within a larger political economy that is favorable to business. Since the end of World War II, many European nations have combined strong social protections with policies to stimulate economic growth such as lower taxes on capital and less regulation on businesses than in the United State. Meanwhile, the United States emerged from World War II with high taxes on capital and some of the strongest regulations on business in the advanced industrial world. This adversarial political economy could not survive the economic crisis of the 1970s. Starving the Beast suggests that taking inspiration from the European model of progressive policies embedded in market-promoting political economy could serve to build an American economy that works better for all.
Author: Lawrence Kudlow
Publisher: Penguin
ISBN: 0698162838
Category : Business & Economics
Languages : en
Pages : 258
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Book Description
The fascinating, suppressed history of how JFK pioneered supply-side economics. John F. Kennedy was the first president since the 1920s to slash tax rates across-the-board, becoming one of the earliest supply-siders. Sadly, today’s Democrats have ignored JFK’s tax-cut legacy and have opted instead for an anti-growth, tax-hiking redistribution program, undermining America’s economy. One person who followed JFK’s tax-cut growth model was Ronald Reagan. This is the never-before-told story of the link between JFK and Ronald Reagan. This is the secret history of American prosperity. JFK realized that high taxes that punished success and fanned class warfare harmed the economy. In the 1950s, when high tax rates prevailed, America endured recessions every two or three years and the ranks of the unemployed swelled. Only in the 1960s did an uninterrupted boom at a high rate of growth (averaging 5 percent per year) drive a tremendous increase in jobs for the long term. The difference was Kennedy’s economic policy, particularly his push for sweeping tax-rate cuts. Kennedy was so successful in the ’60s that he directly inspired Ronald Reagan’s tax cut revolution in the 1980s, which rejuvenated the economy and gave us another boom that lasted for two decades. Lawrence Kudlow and Brian Domitrovic reveal the secret history of American prosperity by exploring the little-known battles within the Kennedy administration. They show why JFK rejected the advice of his Keynesian advisors, turning instead to the ideas proposed by the non-Keynesians on his team of rivals. We meet a fascinating cast of characters, especially Treasury Secretary Douglas Dillon, a Republican. Dillon’s opponents, such as liberal economists Paul Samuelson, James Tobin, and Walter Heller, fought to maintain the high tax rates—including an astonishing 91% top rate—that were smothering the economy. In a wrenching struggle for the mind of the president, Dillon convinced JFK of the long-term dangers of nosebleed income-tax rates, big spending, and loose money. Ultimately, JFK chose Dillon’s tax cuts and sound-dollar policies and rejected Samuelson and Heller. In response to Kennedy’s revolutionary tax cut, the economy soared. But as the 1960s wore on, the departed president’s priorities were undone by the government-expanding and tax-hiking mistakes of Presidents Johnson, Nixon, Ford, and Carter. The resulting recessions and the “stagflation” of the 1970s took the nation off its natural course of growth and prosperity-- until JFK’s true heirs returned to the White House in the Reagan era. Kudlow and Domitrovic make a convincing case that the solutions needed to solve the long economic stagnation of the early twenty-first century are once again the free-market principles of limited government, low tax rates, and a strong dollar. We simply need to embrace the bipartisan wisdom of two great presidents, unleash prosperity, and recover the greatness of America.
Author: Monica Prasad
Publisher: Russell Sage Foundation
ISBN: 0871546922
Category : Social Science
Languages : en
Pages : 338
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Book Description
Since the Reagan Revolution of the early 1980s, Republicans have consistently championed tax cuts for individuals and businesses, regardless of whether the economy is booming or in recession or whether the federal budget is in surplus or deficit. In Starving the Beast, sociologist Monica Prasad uncovers the origins of the GOP’s relentless focus on tax cuts and shows how this is a uniquely American phenomenon. Drawing on never-before seen archival documents, Prasad traces the history of the 1981 tax cut—the famous “supply side” tax cut, which became the cornerstone for the next several decades of Republican domestic economic policy. She demonstrates that the main impetus behind this tax cut was not business group pressure, racial animus, or a belief that tax cuts would pay for themselves. Rather, the tax cut emerged because in America--unlike in the rest of the advanced industrial world—progressive policies are not embedded within a larger political economy that is favorable to business. Since the end of World War II, many European nations have combined strong social protections with policies to stimulate economic growth such as lower taxes on capital and less regulation on businesses than in the United State. Meanwhile, the United States emerged from World War II with high taxes on capital and some of the strongest regulations on business in the advanced industrial world. This adversarial political economy could not survive the economic crisis of the 1970s. Starving the Beast suggests that taking inspiration from the European model of progressive policies embedded in market-promoting political economy could serve to build an American economy that works better for all.
Author: United States. President (1981-1989 : Reagan)
Publisher:
ISBN:
Category : Corporations
Languages : en
Pages : 514
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Book Description
General explanation.
Author: Alan Murray
Publisher: Vintage
ISBN: 0307761746
Category : Political Science
Languages : en
Pages : 334
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Book Description
The Tax Reform Act of 1986 was the single most sweeping change in the history of America's income tax. It was also the best political and economic story of its time. Here, in the anecdotal style of The Making of the President, two Wall Street Journal reporters provide the first complete picture of how this tax revolution went from an improbable dream to a widely hailed reality.
Author: Robert E. Hall
Publisher: Hoover Press
ISBN: 0817993134
Category : Political Science
Languages : en
Pages : 245
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Book Description
This new and updated edition of The Flat Tax—called "the bible of the flat tax movement" by Forbes—explains what's wrong with our present tax system and offers a practical alternative. Hall and Rabushka set forth what many believe is the most fair, efficient, simple, and workable tax reform plan on the table: tax all income, once only, at a uniform rate of 19 percent.
Author: Henry Olsen
Publisher: HarperCollins
ISBN: 0062475282
Category : History
Languages : en
Pages : 357
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Book Description
In this sure to be controversial book in the vein of The Forgotten Man, a political analyst argues that conservative icon Ronald Reagan was not an enemy of Franklin Delano Roosevelt and the New Deal, but his true heir and the popular program’s ultimate savior. Conventional political wisdom views the two most consequential presidents of the twentieth-century—FDR and Ronald Reagan—as ideological opposites. FDR is hailed as the champion of big-government progressivism manifested in the New Deal. Reagan is seen as the crusader for conservatism dedicated to small government and free markets. But Henry Olsen argues that this assumption is wrong. In Ronald Reagan: New Deal Republican, Olsen contends that the historical record clearly shows that Franklin Roosevelt and the New Deal itself were more conservative than either Democrats or Republicans believe, and that Ronald Reagan was more progressive than most contemporary Republicans understand. Olsen cuts through political mythology to set the record straight, revealing how Reagan—a longtime Democrat until FDR’s successors lost his vision in the 1960s—saw himself as FDR’s natural heir, carrying forward the basic promises of the New Deal: that every American deserves comfort, dignity, and respect provided they work to the best of their ability. Olsen corrects faulty assumptions driving today’s politics. Conservative Republican political victories over the last thirty years have not been a rejection of the New Deal’s promises, he demonstrates, but rather a representation of the electorate’s desire for their success—which Americans see as fulfilling the vision of the nation’s founding. For the good of all citizens and the GOP, he implores Republicans to once again become a party of "FDR Conservatives"—to rediscover and support the basic elements of FDR (and Reagan’s) vision.
Author: Bill O'Reilly
Publisher: Macmillan
ISBN: 1627792414
Category : Biography & Autobiography
Languages : en
Pages : 320
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Book Description
The most-talked-about political commentator in America is back with more about what he has to say to his fellow Americans. Print run 1,200,000.
Author: Bruce Bartlett
Publisher: Simon and Schuster
ISBN: 1451646267
Category : Business & Economics
Languages : en
Pages : 354
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Book Description
A thoughtful and surprising argument for American tax reform, arguably the most overdue political debate facing the nation, from one of the most respected political and economic thinkers, advisers, and writers of our time. THE UNITED STATES TAX CODE HAS UNDERGONE NO SERIOUS REFORM SINCE 1986. Since then, loopholes, exemptions, credits, and deductions have distorted its clarity, increased its inequity, and frustrated our ability to govern ourselves. By tracing the history of our own tax system and assessing the way other countries have solved similar problems, Bruce Bartlett explores the surprising answers to all these issues, giving a sense of the tax code’s many benefits—and its inevitable burdens. From one of the most respected political and economic thinkers, advisers, and writers of our time, The Benefit and the Burden is a thoughtful and surprising argument for American tax reform.
Author: Michael Allen Meeropol
Publisher: University of Michigan Press
ISBN: 0472123521
Category : Business & Economics
Languages : en
Pages : 401
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Book Description
Michael Meeropol argues that the ballooning of the federal budget deficit was not a serious problem in the 1980s, nor were the successful recent efforts to get it under control the basis for the prosperous economy of the mid-1990s. In this controversial book, the author provides a close look at what actually happened to the American economy during the years of the "Reagan Revolution" and reveals that the huge deficits had no negative effect on the economy. It was the other policies of the Reagan years--high interest rates to fight inflation, supply-side tax cuts, reductions in regulation, increased advantages for investors and the wealthy, the unraveling of the safety net for the poor--that were unsuccessful in generating more rapid growth and other economic improvements. Meeropol provides compelling evidence of the failure of the U.S. economy between 1990 and 1994 to generate rising incomes for most of the population or improvements in productivity. This caused, first, the electoral repudiation of President Bush in 1992, followed by a repudiation of President Clinton in the 1994 Congressional elections. The Clinton administration made a half-hearted attempt to reverse the Reagan Revolution in economic policy, but ultimately surrendered to the Republican Congressional majority in 1996 when Clinton promised to balance the budget by 2000 and signed the welfare reform bill. The rapid growth of the economy in 1997 caused surprisingly high government revenues, a dramatic fall in the federal budget deficit, and a brief euphoria evident in an almost uncontrollable stock market boom. Finally, Meeropol argues powerfully that the next recession, certain to come before the end of 1999, will turn the predicted path to budget balance and millennial prosperity into a painful joke on the hubris of public policymakers. Accessibly written as a work of recent history and public policy as much as economics, this book is intended for all Americans interested in issues of economic policy, especially the budget deficit and the Clinton versus Congress debates. No specialized training in economics is needed. "A wonderfully accessible discussion of contemporary American economic policy. Meeropol demonstrates that the Reagan-era policies of tax cuts and shredded safety nets, coupled with strident talk of balanced budgets, have been continued and even brought to fruition by the neo-liberal Clinton regime." --Frances Fox Piven, Graduate School, City University of New York Michael Meeropol is Chair and Professor of Economics, Western New England College.
Author: W. Elliot Brownlee
Publisher:
ISBN:
Category : Biography & Autobiography
Languages : en
Pages : 424
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Book Description
Table of contents
