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Thread: US economy creates 243,000 jobs in January

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    Re: US economy creates 243,000 jobs in January

    Quote Originally Posted by winston53660 View Post
    Bruce bartlett had this to say:


    The only problem with this analysis is that it is historically inaccurate. Reagan may have resisted calls for tax increases, but he ultimately supported them. In 1982 alone, he signed into law not one but two major tax increases. The Tax Equity and Fiscal Responsibility Act (TEFRA) raised taxes by $37.5 billion per year and the Highway Revenue Act raised the gasoline tax by another $3.3 billion.

    According to a recent Treasury Department study, TEFRA alone raised taxes by almost 1 percent of the gross domestic product, making it the largest peacetime tax increase in American history. An increase of similar magnitude today would raise more than $100 billion per year.

    http://old.nationalreview.com/nrof_b...0310290853.asp
    Please tell me what those taxes fund and who pays for them?

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    Re: US economy creates 243,000 jobs in January

    Quote Originally Posted by AdamT View Post
    Like I said, I wasn't criticizing his decision to put the economy into recession. I was criticizing your inability to admit the most basic facts when you think (even mistakenly, as in this case) that they don't support your preordained partisan position.
    I supported what Reagan did and his pro growth economic policy that stimulated economic growth. His was a positive program promoted daily and led to the results we saw in 1983 on. When I compare Reagan to Obama there is no comparison, Reagan showed leadership whereas Obama is devisive and lacks leadership skills. The results speak for themselves.

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    Re: US economy creates 243,000 jobs in January

    Quote Originally Posted by winston53660 View Post
    I'll bet you he runs away.
    i'll bet your right

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    Re: US economy creates 243,000 jobs in January

    Quote Originally Posted by Conservative View Post
    Please tell me what those taxes fund and who pays for them?

    Components of the TERFA :

    • repealed scheduled increases in accelerated depreciation deductions
    • tightened safe harbor leasing rules
    • required taxpayers to reduce basis by 50% of investment tax credit
    • instituted 10% withholding on dividends and interest paid to individuals
    • tightened completed contract accounting rules
    • increased FUTA wage base and tax rate

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    Re: US economy creates 243,000 jobs in January

    Quote Originally Posted by Conservative View Post
    I supported what Reagan did and his pro growth economic policy that stimulated economic growth. His was a positive program promoted daily and led to the results we saw in 1983 on. When I compare Reagan to Obama there is no comparison, Reagan showed leadership whereas Obama is devisive and lacks leadership skills. The results speak for themselves.

    When taxes got raised again...

    Q3. Which political party started taxing Social Security annuities?

    A3. The taxation of Social Security began in 1984 following passage of a set of Amendments in 1983, which were signed into law by President Reagan in April 1983. These amendments passed the Congress in 1983 on an overwhelmingly bi-partisan vote.

    The basic rule put in place was that up to 50% of Social Security benefits could be added to taxable income, if the taxpayer's total income exceeded certain thresholds.

    The taxation of benefits was a proposal which came from the Greenspan Commission appointed by President Reagan and chaired by Alan Greenspan (who went on to later become the Chairman of the Federal Reserve).

    The full text of the Greenspan Commission report is available on our website.
    President's Reagan's signing statement for the 1983 Amendments can also be found on our website.
    A detailed explanation of the provisions of the 1983 law is also available on the website.

    Social Security History FAQs Internet Myths II

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    Re: US economy creates 243,000 jobs in January

    Quote Originally Posted by winston53660 View Post
    Components of the TERFA :

    • repealed scheduled increases in accelerated depreciation deductions
    • tightened safe harbor leasing rules
    • required taxpayers to reduce basis by 50% of investment tax credit
    • instituted 10% withholding on dividends and interest paid to individuals
    • tightened completed contract accounting rules
    • increased FUTA wage base and tax rate
    Great, now who funds that tax? What you seem to not understand is a use tax or targeted taxes on specific activities. If you don't participate in those activities you pay no taxes or get no benefits. Everyone paying FIT got the benefits of the Reagan tax cuts just like they are still getting the benefits of the Bush tax cuts today. Don't see any Obama supporters sending their tax cuts back.

    By the way, you do realize that FICA funds SS and Medicare? Don't people get that money back when they retire? isn't that a use tax funding retirement supplements?

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    Re: US economy creates 243,000 jobs in January

    Don't forget 1986, when Reagan raised the capital gains tax 8%, to 28% -- equal to the top marginal rate. That was the first and last time in modern history that there was no preferential treatment for capital gains.

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    Re: US economy creates 243,000 jobs in January

    Quote Originally Posted by Conservative View Post
    I supported what Reagan did and his pro growth economic policy that stimulated economic growth. His was a positive program promoted daily and led to the results we saw in 1983 on. When I compare Reagan to Obama there is no comparison, Reagan showed leadership whereas Obama is devisive and lacks leadership skills. The results speak for themselves.
    You didn't even know what Reagan did until we told you.

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    Re: US economy creates 243,000 jobs in January

    Quote Originally Posted by AdamT View Post
    You didn't even know what Reagan did until we told you.
    I have seen no evidence that you have a clue what Reagan did or didn't do and obviously the Presidential rankings haven't swayed you. Too bad, support for massive expansion of the Federal Govt. that Obama is doing is going to destroy people like you but then again maybe not. Seems you like being dependent on the govt. and have no initiative to better yourself.

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    Re: US economy creates 243,000 jobs in January

    Quote Originally Posted by Conservative View Post
    I have seen no evidence that you have a clue what Reagan did or didn't do and obviously the Presidential rankings haven't swayed you. Too bad, support for massive expansion of the Federal Govt. that Obama is doing is going to destroy people like you but then again maybe not. Seems you like being dependent on the govt. and have no initiative to better yourself.
    And yet you argued, incorrectly, that Reagan and Volcker didn't put the economy into recession. You claimed that unemployment was higher under Carter. You have no clue.

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