Obama only wanted to tax the rich Re: “An expensive tax cut deal,” Dec. 10 Diana Furchtgott-Roth gets it all wrong despite the fact that she is the “former chief economist at the U.S. Department of Labor” and now a senior fellow at the Hudson Institute, when she repeats: “Economic studies clearly show that tax cuts lead to more economic growth than do spending increases.”
Really! Any economic historian knows that from the 1940s to the middle of the 1970s, tax rates for the highest income groups reached 95 percent, with the average rate around 70 percent. Yet that period also registered the highest economic growth rates — more than 3 percent.
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