THE JACK KEMP I KNEW
Today (5/08), memorial services will be held at Washington's National Cathedral for a great American, Jack Kemp, who succumbed to cancer six days ago at age 73.
Arguably, without Jack Kemp, the Reagan supply-side, high-growth economic revolution would never have occurred. Mr. Kemp, a young congressman from Buffalo, N.Y., convinced Ronald Reagan and much of the nation of the wisdom of sharply cutting tax rates on labor and capital.
When Ronald Reagan ran for president in 1980, he wisely endorsed a bill - the Kemp-Roth Act - to cut income tax rates 30 percent across the board. It was a radical idea, but it worked so well that not even the current president is proposing a return to the 70 percent marginal tax rate that existed in 1980.