Jon Chait: "And fourth, we do have an actual experiment with raising tax rates on the highest income. President Clinton did it in 1993. Paul Ryan wasn't in Congress yet, but he was working for his mentor, Jack Kemp, who predicted that raising taxes on the rich would reduce tax revenue, reduce the wealthy's share of the tax burden, and decrease growth. He was proven spectacularly wrong. In 2001, Ryan predicted the Bush tax cuts would increase economic growth and allow the government to pay off the entire national debt, and was again proven spectacularly wrong. Ryan can cling to his supply-side faith, but he certainly shouldn't be arguing on the basis of what recent events have proven."
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