Rob Bishop: “What happened is, within a short period of time, using World War I as the excuse, that top rate was not at 2 percent or…”

“What happened is, within a short period of time, using World War I as the excuse, that top rate was not at 2 percent or at 5. It was at 75 percent. Now, what we found out is the actual amount of money coming into the country was in a decline, not in an incline. So, when President Coolidge came into power and initiated the first tax cuts by reducing the rates across the board, the amount of revenue coming into the country actually increased. The same thing happened when President Kennedy tried it, President Reagan, and President Bush, because what we found out was that people with money are not stupid. They had money for a reason and that it was not that they were avoiding their taxes. They had just found an alternative way of investing... So the bottom line here is, if we look at the tax pot, or proposal, as a way of solving our problem, all we do when we allow taxes to increase is allow Congress to actually spend more.”