"The notion of Kennedy as supply-side forerunner is a powerful myth, but it is a myth. Context is key. Conservatives love to quote a speech Kennedy gave at the Economic Club of New York in December 1962. Here's one quote—I've italicized the crucial part often left out: 'Our present tax system, developed as it was, in good part, during World War II to restrain growth, exerts too heavy a drag on growth in peace time; that it siphons out of the private economy too large a share of personal and business purchasing power; that it reduces the financial incentives for personal effort, investment, and risk-taking.' JFK was not expounding an implacable economic philosophy; he was speaking about a very specific circumstance. The top marginal tax rate was 91 percent, which JFK wanted reduced to a 'more sensible' 65 percent. Compare that with today's 35 percent top rate, and ask: If supply-siders are so enamored of JFK's tax policies, would they advocate a return to a 'more sensible' 65 percent top rate?"
Robert Schlesinger in a 2011 U.S. News & World Report article confronts "The Myth of JFK as Supply Side Tax Cutter."
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