Jim Inhofe: “I just wish that President Kennedy were still around so he could hear this debate because I can remember so well back in…”

“I just wish that President Kennedy were still around so he could hear this debate because I can remember so well back in the 1960s when we had new programs. I say to Senator Wellstone, they had decided that they were going to expand into areas, expand into the Great Society. I remember the exact quote, just from memory, of President Kennedy. He said: We have a desperate need for more revenue. We have to have more revenue to take care of some of the needs that we have. He said: The best way to increase revenue is to reduce marginal rates. And he did it. In fact, the tax reduction during the Kennedy administration was twice the reduction that is being advocated by President Bush right now. And it worked. At the end of that period of time, the increase almost doubled over the next 5 years as a result of cutting marginal rates. Let's remember some of those rates. They were cutting down the highest rate from 91 percent down to 70 percent. It did stimulate the economy.”