Thank You Barack Obama for Restoring Honor To The Presidency.
President Obama will rank as one of our greatest presidents!
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.
In 1983, Reagan signed legislation raising the Social Security tax rate. This is a tax increase that lives with us still, since it initiated automatic increases in the taxable wage base. As a consequence, those with moderately high earnings see their payroll taxes rise every single year.
In 1984, Reagan signed another big tax increase in the Deficit Reduction Act. This raised taxes by $18 billion per year or 0.4 percent of GDP. A similar-sized tax increase today would be about $44 billion.
The Consolidated Omnibus Budget Reconciliation Act of 1985 raised taxes yet again. Even the Tax Reform Act of 1986, which was designed to be revenue-neutral, contained a net tax increase in its first 2 years. And the Omnibus Budget Reconciliation Act of 1987 raised taxes still more.
The year 1988 appears to be the only year of the Reagan presidency, other than the first, in which taxes were not raised legislatively. Of course, previous tax increases remained in effect. According to a table in the 1990 budget, the net effect of all these tax increases was to raise taxes by $164 billion in 1992, or 2.6 percent of GDP. This is equivalent to almost $300 billion in today's economy.
The truth is Reagan raised taxes.
His "getting America moving in the right direction" was extremely short lived and Bush Sr paid for reagans policies.
Last edited by Dirty Harry; 01-15-10 at 01:06 PM.
Yes, Reagan raised FICA taxes and I know you realize where those taxes go, the SS fund which comes back to the tax payers. Where do income tax increases go?Dirty Harry;1058487925]Actually Reagan raised taxes on SS and raised other taxes too. He increased government spending which also bolstered the economy. I admit that Reagans second term was great but it did not last. Bush Sr paid the price of Reagans spending spree.
Bush Sr. raised taxes and that led to his defeat
No, that isn't factual. We had a recession during Bush 1 but that recession ended and in fact the GDP growth the last quarter of the Bush term was over 4%. You are providing misinformation and you can get the facts at BEA.govDo you deny that Bush Sr lost because the economy sucked? Clinton inherited a stagnant economy in recession. The only thing that made Clinton's rconomy a success was the technology bubble.
There is no misinformation. Everything I said is true and documented
the economic results speak for themselves and so do the American people and historians in their support for Reagan."It’s conservative lore that Reagan the icon cut taxes, while George H.W. Bush the renegade raised them. As Stockman recalls, "No one was authorized to talk about tax increases on Ronald Reagan’s watch, no matter what kind of tax, no matter how justified it was." Yet raising taxes is exactly what Reagan did. He did not always instigate those hikes or agree to them willingly–but he signed off on them. One year after his massive tax cut, Reagan agreed to a tax increase to reduce the deficit that restored fully one-third of the previous year’s reduction. (In a bizarre bit of self-deception, Reagan, who never came to terms with this episode of ideological apostasy, persuaded himself that the three-year, $100 billion tax hike–the largest since World War II–was actually "tax reform" that closed loopholes in his earlier cut and therefore didn’t count as raising taxes.)
GHWB Was no Ronald Reagan but was a better alternative to Clinton. The tax increases Reagan implemented were for as stated, FICA which is SS and excise taxes that non drivers didn't pay. I support a consumption tax and always have vs. a progressive income tax.Faced with looming deficits, Reagan raised taxes again in 1983 with a gasoline tax and once more in 1984, this time by $50 billion over three years, mainly through closing tax loopholes for business. Despite the fact that such increases were anathema to conservatives–and probably cost Reagan’s successor, George H.W. Bush, reelection–Reagan raised taxes a grand total of four times just between 1982-84
[ame=http://en.wikipedia.org/wiki/Early_1980s_recession]Early 1980s recession - Wikipedia, the free encyclopedia[/ame]
The Early 1980s recession was a severe recession in the United States which began in December of 1980 and ended in November 1982.
The truth is I voted for Reagan over Carter and Bush Sr over Clinton.
"Originally Posted by Tom Jones
That's because the House was controlled by the Democrats while Reagan was in office - not until Reagan took his argument to the people time and time again was he able to get things moving in the right direction - Reagan's having to take it to the people is common knowledge."
Tell me, please - where does it say that I said anything about Reagan cutting taxes - you're confused.