Old Rocks
Diamond Member
[
Bill Clinton raised the rate of taxation on the rich in 1993. The Republicans predicted disaster. What we got was the longest sustained boom in the history of this nation.
Thats a lie[/QUOTE]
Well, I guess that you don't know your ass from a hole in the ground. So what was a lie? The tax increase? The economic boom? Or the theatrics of the Gay Old Party?
The Biggest Tax Increase in History - By Jodie T. Allen - Slate Magazine
The Biggest Tax Increase in History
By Jodie T. Allen
Posted Friday, Aug. 16, 1996, at 3:30 AM ET
Republicans say that Bill Clinton imposed the biggest tax increase in American history. Democrats disagree, saying Dole himself is responsible for the biggest tax increase in history: a massive tax bill he engineered as Senate Finance Committee chairman in 1982. Who's right? The answer turns on so many metaphysical questions as to be nearly meaningless. Nevertheless, the issue will be central to the fall campaign.
The Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA) fashioned by Dole and the Omnibus Budget Reconciliation Act of 1993 (OBRA-93) pushed through Congress by Clinton were projected, at the time of passage, to raise almost exactly the same amounts of revenue. The Dole measure was estimated by the Joint Committee on Taxation to increase the Treasury's take over the next five years by $235 billion. The revenue parts of Clinton's bill were projected to produce $241 billion over five years. But these numbers need to be adjusted.