Kennedy tax cut
E750144
The Kennedy tax cut refers to the major early-1960s U.S. income tax reduction championed by President John F. Kennedy and enacted in 1964 to stimulate economic growth.
Statements (47)
| Predicate | Object |
|---|---|
| instanceOf |
United States federal tax policy
ⓘ
tax cut ⓘ |
| alsoKnownAs | Revenue Act of 1964 NERFINISHED ⓘ |
| appliesTo |
federal corporate income tax
ⓘ
federal individual income tax ⓘ |
| appliesToJurisdiction |
United States government
ⓘ
surface form:
United States federal government
|
| associatedWithPoliticalParty | Democratic Party (United States) NERFINISHED ⓘ |
| completedByAdministration | Johnson administration NERFINISHED ⓘ |
| country |
United States of America
ⓘ
surface form:
United States
|
| effectiveInTaxYear | 1964 ⓘ |
| effectOn |
decline in U.S. unemployment rate in mid‑1960s
ⓘ
increased real GDP growth in mid‑1960s ⓘ short‑run reduction in federal tax revenues relative to baseline ⓘ |
| enactedUnderPresident | Lyndon B. Johnson NERFINISHED ⓘ |
| enactmentDate | 1964 ⓘ |
| federalLawIn | United States NERFINISHED ⓘ |
| followedBy | period of strong U.S. economic growth in the mid‑1960s ⓘ |
| hasCause | desire to stimulate economic growth ⓘ |
| hasMainProponent | John F. Kennedy NERFINISHED ⓘ |
| hasPurpose |
economic stimulus
ⓘ
increase employment ⓘ raise long‑run economic growth ⓘ |
| hasTopic |
corporate taxation
ⓘ
economic growth ⓘ employment ⓘ income tax ⓘ |
| implementedBy | Internal Revenue Service NERFINISHED ⓘ |
| influencedByTheory |
Keynesian economics
NERFINISHED
ⓘ
demand‑side fiscal stimulus ⓘ |
| introduced |
larger standard deduction
ⓘ
lower marginal tax rates across income brackets ⓘ |
| isSubjectOf | economic policy debates on tax cuts and growth ⓘ |
| legalForm | federal statute ⓘ |
| legislativeBody | United States Congress ⓘ |
| longTermEffectOn | expansion of federal tax base through higher incomes ⓘ |
| namedAfter | John F. Kennedy NERFINISHED ⓘ |
| partOf | postwar U.S. fiscal policy history ⓘ |
| policyArea |
fiscal policy
ⓘ
tax policy ⓘ |
| precededBy | high postwar marginal tax rates ⓘ |
| reducedCorporateTaxRateFrom | 52% ⓘ |
| reducedCorporateTaxRateTo | 48% ⓘ |
| reducedTopMarginalIndividualRateFrom | 91% ⓘ |
| reducedTopMarginalIndividualRateTo | 70% ⓘ |
| sponsoredByAdministration | Kennedy administration NERFINISHED ⓘ |
| startTime | 1961 ⓘ |
| timePeriod | early 1960s ⓘ |
Referenced by (1)
Full triples — surface form annotated when it differs from this entity's canonical label.