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Past is Prologue: Talking Taxes

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The Kennedy Johnson Tax Cut in 1963 and 1964

Kennedy Johnson's tax cut in 1963 and 1964 was designed to put more money into the pockets of the working and middle classes. What happens in the 1970s and 1980s is that that doesn't seem to be working anymore, he says. "We have this weird kind of combination of unemployment, of inflation and of economic stagnation"

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