Quote: whomod said: President Clinton raised tax rates and had the longest economic boom in decades.
Points of Information:
1. In 1997, President Clinton, in response to GOP pressure, lowered the statutory capital gains tax to 20% from 28% in 1997 while expanding Roth IRA accounts.
That's when economy really rebounded and the deficit went down.
Source: The Taxing Truth By Michael Darda, economist at Polyconomics, Inc. March 1, 2001 9:55 a.m
2. "the longest period of sustained growth during peacetime in i[US] history" began under the Reagan administration, not the Clinton administration.
federal revenues increased even with tax cuts, federal spending did not decrease, the country experienced the longest period of sustained growth during peacetime in its history, and the rich paid more taxes proportionately than they had before the tax cuts were implemented.
