CBO Cuts U.S. Growth Forecast Amid Warnings on Trade Spats

Discussion in 'Economy' started by McRocket, Aug 13, 2018.

  1. Toddsterpatriot
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    Toddsterpatriot Diamond Member

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    Up 350.....
     
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  2. danielpalos
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    danielpalos Platinum Member

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    U.S. National Debt Clock : Real Time
     
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  3. Cellblock2429
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    Cellblock2429 Gold Member Gold Supporting Member Supporting Member

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    /——/ When my debt goes up I cut spending
     
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  4. danielpalos
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    all talk on the right wing in Congress.
     
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  5. Cellblock2429
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    Cellblock2429 Gold Member Gold Supporting Member Supporting Member

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    /----/.and for once I agree with you 100%
     
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  6. Toddsterpatriot
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  7. Cellblock2429
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    Cellblock2429 Gold Member Gold Supporting Member Supporting Member

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    /——/ Maybe the evidence is in the same place Mueller hides his collusion proof.
     
  8. Aldo Raine
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    Aldo Raine Gold Member

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    No actually did 14 hrs at work yesterday and doing same today, just in break now so have not looked.back up. But DR actually did raise taxes 11 times according to one source I glanced at this morning. I promise will get more information ASAP. Sorry bro the best I can do now.
     
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  9. Aldo Raine
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    Aldo Raine Gold Member

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    Ok here goes from the piece I read through, assume 95% is plagiarized so I will skip the quotations.
    The 1982 tax increases undue a third of the 1981 tax cuts. 1983 payroll increases in AS and Medicare. In 1984 another bill closed tax loopholes, tax historian(they actually have this kinda thing, lol) Joseph Thorndike called the bills of 82 and 84 the largest tax increases inacted in peacetime.
    The tax reform act of 1986, sought to symplify the tax system by eliminating many deductions, REDUCING THE HIIGHEST MARGINAL RATE GET AGAIN, and reducing the number of tax brackets.

    Federal revenue share of GDP fell from 19.6% in fiscal 1981to 17.3% in 1984 before riding back to 18.4% by fiscal 1989, because he had to raise taxes to increase revenue again and was still at a 1.2% shortfall.

    Personal income tax revenue fell during this period relative to GDP. The 1981 cut in the top regular tax rate on unearned income reduced the maximum capital gains rate to only 20% it's lowest level since the Hoover admin. The 1986 act set the dates on ordinary income like salaries and waves with both topping out at 28%. Reagan significantly reduced max tax rate from 70% to 50%. In 1986 he further reduced it to 28%. So guess whose taxes increased to pay for this shortfall, you got it the middle class.

    Reagan raised taxes 11 times over the course of his presidency. The 1982 tax increase was substantially larger than Clinton's 1993 tax increase.

    The 11 increases took back over half of his original tax cut. But he still managed to make sure the richest got a decrease from 70% to 28.4%! This the biggest transfer of wealth from the middle class to the wealthy in the history of the world!

    Cellblock, I did not find that under RM's stuff, neither you or I know what he does or doesn't have but keep up the partisan hackery!
     
  10. Toddsterpatriot
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    The 1982 tax increases undue a third of the 1981 tax cuts

    Undo? Does that mean in 1981 a rate was 25% and in 1982 it rose to 28% or does it mean in 1981 a rate was 25% and was scheduled to drop to 20% in 1983 but they kept it at 25%?

    1983 payroll increases in AS and Medicare.

    What was the rate before, what was the rate when Reagan was done?
    What would the rate have been if he did nothing?

    In 1986 he further reduced it to 28%. So guess whose taxes increased to pay for this shortfall, you got it the middle class.

    upload_2018-8-17_16-0-59.png

    Historical Income Tax Rates and Brackets, 1862-2013 - Tax Foundation

    Where do you see a middle class tax hike that "paid for this shortfall"?

    Reagan raised taxes 11 times over the course of his presidency. The 1982 tax increase was substantially larger than Clinton's 1993 tax increase.


    Saying he raised taxes in 1982 without showing which taxes he actually raised is still pointless.

    Thanks for your attempt. Please let me know if you find anything more substantial.
     

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