Here are the Obama tax cuts,
What are the 2009 & 2010 Obama Tax Cuts?
So long as Obama’s plan does as it promises, you will see:
A tax refund of $500 per individual ($1,000 per married couple) if you’re making under $200,000 ($250,000 if married). If under those thresholds you will also not see your tax rate increase.
If you’re a homeowner and don’t itemize your taxes, you can claim a 10% Universal Mortgage Credit. This averages out to $500 per homeowner.
Your capital gains tax rate will stay the same unless you’re making more than the ‘$200K/$250K’ threshold. If you’re over, it’ll go up 25%.
Compare that to the 10-10-5% across the board tax cuts from Reagan. Which one benefited the individual most?
Very easy to see why the Obama tax cuts didn't do any good and why Reagan's actually created jobs.
When Reagan, with the advice and consent of Congress, cut taxes "across the board", there were fewer deductions. The tax code was "simplified," and overall taxes went down. It really didn't affect me a lot, as the deductions I lost offset the tax cuts.
When Obama, again with the advice and consent of Congress, cut taxes "across the board", it came in the form of rebates. That didn't affect me a lot, either, but any reduction in taxes is welcome, so long as it is paired with spending cuts.
Neither Obama's nor Reagan's tax cuts were paired with spending cuts, so the deficit grew both times.
I voted for Reagan the first time around, thinking that he would cut back the size and power of the federal government. When that didn't happen, I didn't vote for him the second time around.
And yes, I was old enough to vote in '80. In fact, the first president I voted for was Lyndon Johnson. That was a mistake, btw, and, if I had it to do over, I would vote for Goldwater.
Not that my one vote would matter anyway, but I'd feel better about it.
Both Reagan and Obama:
Are/were charismatic leaders who had, to say the least, very strong support from some members of their respective parties.
Came to office during difficult economic times, and tried to improve the economy by cutting taxes while increasing spending.
Were vilified by strong opponents.
Were strong orators good at swaying public opinion via the bully pulpit of the presidency.
Advocated bail outs of failing financial institutions (remember the S and L crisis?)
So far, Obama hasn't presided over a scandal of the magnitude of Iran/Contra, but give him time and he just might.