John Thune: “It strikes me that the thing that seems to get lost by our colleagues on the other side when it comes to reducing taxes…”

“It strikes me that the thing that seems to get lost by our colleagues on the other side when it comes to reducing taxes is that when you reduce taxes, you actually get not less government revenue but more. History has proven that. It has proven it time and time again, going back in the 1920s under Harding, the 1960s under Kennedy, the 1980s under Reagan, and currently. If you look at what has happened, when you reduce the marginal income tax rate and the capital gains tax rate, you actually not only see the job growth we have seen--as my colleague from New Hampshire noted, 8.7 million new jobs--22 consecutive quarters of economic growth, lowest unemployment numbers in a generation, but you also see a dramatic increase in Government revenues. What has happened is the exact opposite, which has been a historical fact, that when you reduce taxes on hard-working people, they take the realization of paying less taxes, they reinvest that, create more jobs, and you get more Government revenue.”