Jim Inhofe: “I feel compelled to remind this body of the history of these tax cuts. It was not a Republican idea. Ironically, one of…”

“I feel compelled to remind this body of the history of these tax cuts. It was not a Republican idea. Ironically, one of the truly great Democrat Presidents of this country, John Kennedy, was the guy who came up with the concept. He said--and this is an exact quote-- We need more revenues to run these programs that we have and the best way to increase revenues is to reduce marginal rates. That was back in the 1960s, and it worked. There is a recognition of the problem we have right now. This administration inherited a recession, and they are coming out of it by having the very tax reductions to add to the amount of revenues coming in. This is going to work. It is working today. If you do not think it does, let us remember what happened back in the 1980s. In the 1980s, the total amount of money that was raised from marginal rates was $244 billion. In the 1990s, it was $466 billion.”