JFK was right about the tax cut increasing revenue.
In FY 1963 revenue to the federal government was $553.10 billion and in FY 1969 it was $809.08 billion (in constant 2005 dollars).
That surge in revenue thanks to the tax cuts allowed the federal government to pay for the large military expenditures in Vietnam and LBJ’s social programs.
The national debt was reduced from 50% of GDP in 1963 to 34% of GDP in 1969.
It's worth remembering that in 1801, when Jefferson became president, the US national debt was around $100 million, about 10 times annual federal revenues. This was literally "the cost of freedom," and would correspond today to a national debt around $30 trillion. Since our actual national debt is $13+ trillion, the government is in better financial shape today than it was in Jefferson's time. And at the time, Jefferson's number one priority was paying down the national debt. So, how did he do it? How does ANY wise government ever increase its revenues? Yes, that's right! JEFFERSON REDUCED GOVERNMENT SPENDING AND CUT TAXES.-- BroJoeK