Actually, there's quite a bit of support for this, and it's worked. Note that even Obama promoted tax cuts to stimulate growth.
Actually, there's not
any support from it by economists - any economist who's done an even half-assed actual analysis. I've been reading papers about the impact of tax cuts on economic growth and tax revenues for two decades and have yet to see ANYONE produce any study indicating that tax cuts pay for themselves near our current levels. Zero. None.
You said the Bush II tax cuts paid for themselves. OK, how do you know that? What study shows that?
Here's a list of tables that will back up what I'm saying below if you'd like to download them to Excel and check my work:
Access Denied
[I don't know why when I posted that it says "Access Denied" but if you're interested and the link doesn't work, google "White House historical tables" and you'll find it.]
You can't just look at total revenues from 2001, and compare them to 2009, because that would show that individual income taxes DECLINED, in
nominal terms, from Clinton to 2008 or 2009, the end of the Bush II years. OK, 2009 was during the Great Recession, so that's not fair, right? So then you picked 2006 or 2007, at the top of the bubble, and even then on an inflation adjusted basis, at the top of the biggest bubble in generations, individual income taxes FELL relative to the last year of the Clinton administration. So 6 or 7 years of population growth and a massive debt and housing bubble, 6 years of roaring, bubble fueled GDP growth, and individual income taxes were LOWER at the peak of the bubble than the last Clinton year. And of course the bubble-era revenues were unsustainable and would collapse when the bubble collapsed, which is what happened.
But to prove the point further, if you JUST account for inflation, take a mental guess in what year individual income taxes finally exceed collections in FY 2000? I won't make you guess, out loud, but it was......2014! If you use FY 2001 as Clinton's last year, we exceeded that in FY 2013!! So it just took 12-14 years to MATCH what we collected at the Clinton rates, and that included Obama letting the tax cuts expire on the upper levels. As a point of comparison, real GDP grew from about $13T in 2000 to about $17T in 2014 (a 31% increase in real GDP), and yet individual income taxes didn't budge.
So, no, there is just no real evidence tax cuts pay for themselves. Certainly Bush II offers you no evidence if you simply adjust for the time value of money, which is Step ONE in any actual analysis. Step 2 could be to adjust for population growth - that would make the comparison worse. Step 3 might be adjusting for the "baseline" economic growth that would have happened with or without the Bush II tax cuts. Step 4 would be to somehow isolate the stimulus from deficit spending (Bush blew up deficits in those early years) versus that provided by lower individual income tax rates. Other factors to account for might be the world economy, monetary policy including interest rates, and other non-tax changes in regulations, technological renovations, productivity, and more. Almost all those adjustments would make the Bush II era tax cuts look FAR WORSE than the initial round of adjusting for inflation. But we don't have to do
anything except step ONE, which is simply adjust the nominal figures to reflect inflation and the time value of money to show very conclusively that the two rounds of Bush II tax cuts LOWERED revenue.
Many Republicans, and certainly most conservatives, do care. As I said repeatedly, they should stand up for this more -- and could do better. But to paint Democrats as the party of fiscal responsibility is absolutely absurd.
And good to see you getting out that tired old talking point of an out of context quote.
I'm just accurately recounting the GOP history since Reagan. Call it "old...and out of context" if you want - what you can't do is refute it using the evidence. If you used the Cheney maxim to predict the last two years under Trump and the GOP Congress, you got it exactly right on fiscal policy - nailed it!