The greatest tax increase in American History belongs to.....

[DavidS]

The Free Market: The Sad Legacy of Ronald Reagan

Reagan came into office proposing to cut personal income and business taxes. The Economic Recovery Act was supposed to reduce revenues by $749 billion over five years. But this was quickly reversed with the Tax Equity and Fiscal Responsibility Act of 1982. TEFRA—the largest tax increase in American history—was designed to raise $214.1 billion over five years, and took back many of the business tax savings enacted the year before. It also imposed withholding on interest and dividends, a provision later repealed over the president's objection.

 

[Yurt]

by what standards are you measuring that as the "greatest"

percent, gdp....what....are you taking into account other tax cuts....?

 

[tigerbob]

by what standards are you measuring that as the "greatest"

percent, gdp....what....are you taking into account other tax cuts....?

I'm guessing he was just quoting the article. I would doubt any actual thought went into it.

 

[edthecynic]

The Free Market: The Sad Legacy of Ronald Reagan

Reagan came into office proposing to cut personal income and business taxes. The Economic Recovery Act was supposed to reduce revenues by $749 billion over five years. But this was quickly reversed with the Tax Equity and Fiscal Responsibility Act of 1982. TEFRA—the largest tax increase in American history—was designed to raise $214.1 billion over five years, and took back many of the business tax savings enacted the year before. It also imposed withholding on interest and dividends, a provision later repealed over the president's objection.

9/11 Reagan's second tax increase was the Social Security Reform Act of 1983, which followed the recommendations of a commission led by Alan Greenspan. Its key provision was an increase in the payroll tax that pays for Social Security and Medicare hospital insurance.

For many middle- and low-income families, this tax increase more than undid any gains from St Ronnie's income tax cuts. In 1980, according to Congressional Budget Office estimates, middle-income families with children paid 8.2 percent of their income in income taxes, and 9.5 percent in payroll taxes. By 1988 the income tax share was down to 6.6 percent, but the payroll tax share was up to 11.8 percent, and the combined burden was up from 17.7% to 18.4%, not down.

 

[krotchdog]

The greatest economic stimulus comes directly from the people, hard working americans, government never creates a thing, Reagen understood this, Reagen preached this, despite the government, American people survive. We always have and always will.

All your charts and debates dont mean a damn thing, Obama's simply dividing the nation, everything he does is meant to divide the nation.

Look at his speech in Latin America, he just apologized yet again, stating we have ignored our southern nieghbors too long, you think Obama forgets we gave mexico over 12 million dollars, nope, Obama is spending to destroy, lies to decieve.

Put away you silly graphs, put away your data, you make the numbers say whatever you like.

Socailism creates nothing. Communism has failed all nations, killed millions in Russia, if it takes hold here, it will kill millions more, if not billions.

Hail the messiah

 

[Dr Grump]

Socailism creates nothing. Communism has failed all nations, killed millions in Russia, if it takes hold here, it will kill millions more, if not billions.

Hail the messiah

And capitalism has been such a winner, right? The two biggest economic tragedies in the past 100 years were a direct result of rampant capitalism....

 

[Bullypulpit]

Socailism creates nothing. Communism has failed all nations, killed millions in Russia, if it takes hold here, it will kill millions more, if not billions.

Hail the messiah

And capitalism has been such a winner, right? The two biggest ecominic tragedies in the past 100 years were a direct result of rampant capitalism....

Actually, unregulated free-market capitalism is what did it. Unregulated capital markets led to the Great Depression. Strong government spending and regulation of capital markets helped end it.

Similarly, when the Graham-Leach-Blighly Act was singed into law, gutting the Glass-Steagall Act, the foundation for our current economic woes was laid.

The free marketeers forget or, more likely conveniently ignore, the fact that unregulated free markets presuppose a fully rational society. Something which has not been seen in human history, nor is likely to be seen anytime soon.

 

[Yurt]

Socailism creates nothing. Communism has failed all nations, killed millions in Russia, if it takes hold here, it will kill millions more, if not billions.

Hail the messiah

And capitalism has been such a winner, right? The two biggest ecominic tragedies in the past 100 years were a direct result of rampant capitalism....

absolute bullshit and you know it

 

[Chris]

The greatest economic stimulus comes directly from the people, hard working americans, government never creates a thing, Reagen understood this, Reagen preached this, despite the government, American people survive. We always have and always will.

All your charts and debates dont mean a damn thing, Obama's simply dividing the nation, everything he does is meant to divide the nation.

Look at his speech in Latin America, he just apologized yet again, stating we have ignored our southern nieghbors too long, you think Obama forgets we gave mexico over 12 million dollars, nope, Obama is spending to destroy, lies to decieve.

Put away you silly graphs, put away your data, you make the numbers say whatever you like.

Socailism creates nothing. Communism has failed all nations, killed millions in Russia, if it takes hold here, it will kill millions more, if not billions.

Hail the messiah

Reagan was an idiot.

He and Bush are responsible for 90% of the National Debt.

 

[Evangelical]

Socailism creates nothing. Communism has failed all nations, killed millions in Russia, if it takes hold here, it will kill millions more, if not billions.

Hail the messiah

And capitalism has been such a winner, right? The two biggest ecominic tragedies in the past 100 years were a direct result of rampant capitalism....

To have economic tragedies you have to first have economies...Communism and socialism don't even produce that, they are subsistence societies that have just enough production to give the government Nuclear Weapons.

How can a Communist economy fail when people don't have anything to begin with?

And Capitalism got man to the Moon...

 

[Dr Grump]

To have economic tragedies you have to first have economies...Communism and socialism don't even produce that, they are subsistence societies that have just enough production to give the government Nuclear Weapons.

How can a Communist economy fail when people don't have anything to begin with?

And Capitalism got man to the Moon...

Who's praising Communism? Not I....I think a mix of capitalism and socialism works...

 

[Dr Grump]

Socailism creates nothing. Communism has failed all nations, killed millions in Russia, if it takes hold here, it will kill millions more, if not billions.

Hail the messiah

And capitalism has been such a winner, right? The two biggest ecominic tragedies in the past 100 years were a direct result of rampant capitalism....

absolute bullshit and you know it

BS yourself...

 

[Evangelical]

To have economic tragedies you have to first have economies...Communism and socialism don't even produce that, they are subsistence societies that have just enough production to give the government Nuclear Weapons.

How can a Communist economy fail when people don't have anything to begin with?

And Capitalism got man to the Moon...

Who's praising Communism? Not I....I think a mix of capitalism and socialism works...

Let's look and see, Germany? How's your GDP per capita doing? Oh...not as good as America's.

Hmm...too bad.

 

[Dr Grump]

Let's look and see, Germany? How's your GDP per capita doing? Oh...not as good as America's.

Hmm...too bad.

Most of Europe, Oz, Canada and NZ (where I'm from) have a better mix IMO. The country in the biggest financial mess at the moment (outsida Iceland) is the US. China and the ME own your arses...