Political Forums  

Go Back   Political Forums > Economy

We appreciate your help

in keeping this site going.
 
 
Thread Tools Display Modes
Prev Previous Post   Next Post Next
  #10  
Old 02-12-2018, 06:43 PM
donquixote99's Avatar
donquixote99 donquixote99 is offline
Ready
 
Join Date: Oct 2013
Posts: 14,189
Quote:
Originally Posted by finnbow View Post
Not only that, Whell conveniently fails to mention that Reagan also significantly raised taxes after deficits ballooned following his tax cut:

After Reagan's first year in office, the annual deficit was 2.6% of gross domestic product. But it hit a high of 6% in 1983, stayed in the 5% range for the next three years, and fell to 3.1% by 1988...

So, despite his public opposition to higher taxes, Reagan ended up signing off on several measures intended to raise more revenue.

"Reagan was certainly a tax cutter legislatively, emotionally and ideologically. But for a variety of political reasons, it was hard for him to ignore the cost of his tax cuts," said tax historian Joseph Thorndike.

Two bills passed in 1982 and 1984 together "constituted the biggest tax increase ever enacted during peacetime."


http://money.cnn.com/2010/09/08/news...axes/index.htm
Yes he did. Net effect was lower taxes on the rich, paid for by the middle class and the working poor, who's FICA and Medicaid taxes increased sharply.
__________________
If things don't go right, go left!
Reply With Quote
 

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump


All times are GMT -5. The time now is 10:59 PM.



Powered by vBulletin® Version 3.8.6
Copyright ©2000 - 2018, Jelsoft Enterprises Ltd.