The Derp
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- Apr 12, 2017
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- #581
It seemed to work for Coolidge, LBJ, Reagan and GWB.
Worked for Coolidge? What world are you living in? Coolidge preceded the Great Depression and Bush preceded the Great Recession. Reagan's tax cut spiked the unemployment rate to 10.5% the year following its passage (and he doubled the deficit and tripled the debt). LBJ reduced taxes, sure, but he also increased social spending significantly via Medicare and other Great Society programs. Oh, and he lowered the rate from 90% to 70%. If you want to return to that, I'm fine with it. Though, I don't think that's what you want. Interesting you argue against correlation is causation while making that very argument here.
He cut middle class taxes. Tell me more about his hike.
The Tax Equity and Fiscal Responsibility Act of 1982 raised taxes for the middle class. Likewise, the Social Security Amendments of 1983 raised payroll taxes on workers. The consolidation of the different tax brackets in 1986 saw the lower bracket raised from 10% to 15%, for example. Someone making $25,000 a year in 1986 saw their tax rate increase from 25% to 28% in 1987. Someone making $45,000 a year saw their tax rate increase from 33% in 1986 to 35% in 1987. I mean, really, this information is very easy to find.
Obama hiked taxes in January 2013.
So interesting how your chart there seems to omit everything prior to 2012 (obviously to skew the data in order to score a cheap point, but whatever). When placed within proper context, here's what your chart actually looks like.
So you can see that the savings rate during Obama was higher than during Bush consistently. What you did was try to cherry-pick numbers in order to create a misleading narrative. Typical Russian Active Measure.