Sandhusker
Well-known member
http://www.foxnews.com/opinion/2011/04/20/michael-reagan-proof-reaganomics-defeats-keynesianom
ics-aka-obamanomics-time/
ics-aka-obamanomics-time/
jingo2 said:So, you want to raise taxes?
Reagan did.....and he is da'man....
Source: Office of Management and Budget, Budget of the United States Government, Fiscal Year 1990 (Washington: U.S. Government Printing Office, 1989), p. 4-4.Full Reagan tax story, RR began with tax cuts during the recession, but took about half of them back before his term ended.
“Reagan signed into law the Tax Equity and Fiscal Responsibility Act in 1982 before the recession was even over and went on to sign 10 more major tax increases during his administration. By 1988 he had taken back half the 1981 tax cut. These tax increases were most enacted as part of budget deals that cut domestic discretionary spending.
Reagan made $132.7 billion in tax increases, he also made $275.3 billion in tax cuts, or a net reduction of $142.6 billion dollars over his 2 terms in office, and reduced the size of government excess during a period of time in which the country was in an economic recession, to successfully bring it back to become the longest and strongest economy in decades.
Mike said:Reagan also had to rebuild a miltary that Jimmah Cottah let go to the dogs.
His plan succeeded a few years later by bringing the cold war to an end.
Remember, he inherited a mess but never complained about the previous administration...................................................
Steve said:jingo2 said:So, you want to raise taxes?
Reagan did.....and he is da'man....
the rest of the story..
Source: Office of Management and Budget, Budget of the United States Government, Fiscal Year 1990 (Washington: U.S. Government Printing Office, 1989), p. 4-4.Full Reagan tax story, RR began with tax cuts during the recession, but took about half of them back before his term ended.
“Reagan signed into law the Tax Equity and Fiscal Responsibility Act in 1982 before the recession was even over and went on to sign 10 more major tax increases during his administration. By 1988 he had taken back half the 1981 tax cut. These tax increases were most enacted as part of budget deals that cut domestic discretionary spending.
it sounds like responsible government.. and great leadership..
RR can lead more from the grave,... then the arrogant lazy bum we have now..
Reagan made $132.7 billion in tax increases, he also made $275.3 billion in tax cuts, or a net reduction of $142.6 billion dollars over his 2 terms in office, and reduced the size of government excess during a period of time in which the country was in an economic recession, to successfully bring it back to become the longest and strongest economy in decades.
jingo2 said:Steve said:jingo2 said:So, you want to raise taxes?
Reagan did.....and he is da'man....
the rest of the story..
Source: Office of Management and Budget, Budget of the United States Government, Fiscal Year 1990 (Washington: U.S. Government Printing Office, 1989), p. 4-4.Full Reagan tax story, RR began with tax cuts during the recession, but took about half of them back before his term ended.
“Reagan signed into law the Tax Equity and Fiscal Responsibility Act in 1982 before the recession was even over and went on to sign 10 more major tax increases during his administration. By 1988 he had taken back half the 1981 tax cut. These tax increases were most enacted as part of budget deals that cut domestic discretionary spending.
it sounds like responsible government.. and great leadership..
RR can lead more from the grave,... then the arrogant lazy bum we have now..
Reagan made $132.7 billion in tax increases, he also made $275.3 billion in tax cuts, or a net reduction of $142.6 billion dollars over his 2 terms in office, and reduced the size of government excess during a period of time in which the country was in an economic recession, to successfully bring it back to become the longest and strongest economy in decades.
These tax increases were most enacted as part of budget deals ....an increase is an increase is an increase... how you gt there isn't the issue....
Face it...taxes will go up.
Steve said:jingo2 said:Steve said:jingo2 [b said:For you to be an absolute jerk [/b]and blame it on a dead president and attempt to smear his reputation is well despicable...
KOLO=JINGO=LULU=ALLIE ======== all equal the high lighted and bold![]()
Steve said:jingo2 said:Steve said:the rest of the story..
Source: Office of Management and Budget, Budget of the United States Government, Fiscal Year 1990 (Washington: U.S. Government Printing Office, 1989), p. 4-4.
it sounds like responsible government.. and great leadership..
RR can lead more from the grave,... then the arrogant lazy bum we have now..
These tax increases were most enacted as part of budget deals ....an increase is an increase is an increase... how you gt there isn't the issue....
Face it...taxes will go up.
overall taxes were decreased in his time in office. and he made a good effort at reining in out of control government..
if your bums, I mean party could have found reasonable spending cuts, then reasonable tax increase would be accepted, but they didn't
They raised spending past obnoxious levels and wanted obnoxious tax increase.. so the lost the house, and respect...
but I guess making and accepting responsible leadership is not a democrat trait..
For you to be an absolute jerk and blame it on a dead president and attempt to smear his reputation is well despicable...
TSR said:Could you be a little more specific, Steve? Just today on C-Span one of the spokespersons said Reagan lowered the Corporate rate to 50%, so did he lower it on the working class also? Just Curious.
TSR said:Could you be a little more specific, Steve? Just today on C-Span one of the spokespersons said Reagan lowered the Corporate rate to 50%, so did he lower it on the working class also? Just Curious.
hypocritexposer said:TSR said:Could you be a little more specific, Steve? Just today on C-Span one of the spokespersons said Reagan lowered the Corporate rate to 50%, so did he lower it on the working class also? Just Curious.
:lol:
Summary of provisions
The Office of Tax Analysis of the United States Department of the Treasury summarized the tax changes as follows[2]:
* phased-in 23% cut in individual tax rates over 3 years; top rate dropped from 70% to 50%
* accelerated depreciation deductions; replaced depreciation system with ACRS
* indexed individual income tax parameters (beginning in 1985)
* created 10% exclusion on income for two-earner married couples ($3,000 cap)
* phased-in increase in estate tax exemption from $175,625 to $600,000 in 1987
* reduced Windfall Profit taxes
* allowed all working taxpayers to establish IRAs
* expanded provisions for employee stock ownership plans (ESOPs)
* replaced $200 interest exclusion with 15% net interest exclusion ($900 cap) (begin in 1985)
As a result of ERTA and other tax acts in the 80s, the top 10% were paying 57.2% of total income taxes by 1988 - up from 48% in 1981[3] - while the bottom 50% of earners share dropped from 7.5% to 5.7% in the same period. The total share borne by middle income earners of the 50th to 95th percentile decreased from 57.5% to 48.7% between 1981 and 1988.[4]
In addition to changes in marginal tax rates, the capital gains tax was reduced from 28% to 20% under ERTA. Afterwards revenue from the capital gains tax increased 50%
not really a tax.. just a burden on business. and USPresident Richard Nixon's wage and price controls were abandoned
President Reagan lifted remaining domestic petroleum price and allocation controls on January 28, 1981[6] and lowered the oil windfall profits tax in August 1981, helping to end the 1979 energy crisis.
The eventual bipartisan 1986 act aimed to be revenue-neutral: while it reduced the top marginal rate, it also partially "cleaned up" the tax base by curbing tax loopholes, preferences, and exceptions, thus raising the effective tax on activities previously specially favored by the code.
According to a 1996 report of the Joint Economic Committee of the United States Congress, during Reagan's two terms, and through 1993, the top 10% of taxpayers paid an increased share of tax revenue to the Federal government, while the lowest 50% of taxpayers paid a reduced share of the tax revenue.[26]
According to a United States Department of the Treasury economic study,[27] the major tax bills enacted under Reagan, in the short term, increased total tax revenue and reduced the tax burden on the economy (~-1% of GDP). The Economic Recovery Tax Act of 1981 resulted in a reduced tax burden on the economy (~-3% of GDP) and an increase in total tax revenues (the largest tax cuts ever enacted)
TSR said:hypocritexposer said:TSR said:Could you be a little more specific, Steve? Just today on C-Span one of the spokespersons said Reagan lowered the Corporate rate to 50%, so did he lower it on the working class also? Just Curious.
:lol:
Thanks Steve.![]()
TSR said:The reason I asked is the lady today that was on C-Span said the Corporate tax rate under Reagan was ~50% and he had lowered it to that. She didn't mention other taxes. She was Greenspan's assistant,she currently is 80 yrs. old and was one of the commissioners on the Deficit Reduction task force. Her first name was Alice as I recall, I can't remember her last.