A 'businessman' would know that Reagan hurt business, especially the self-employed small businessman. Under Voodoo economics the self-employment tax jumped as much as 66 percent.
Maybe it doesn't apply to lemonade stands...
Here he is humping my leg again....
I was there and did great under Reaganomics. As did most of the country.
Who was supposed to pay the other half of my social security? My neighbor?
Taxes: What people forget about Reagan - Sep. 8, 2010
The bills didn't raise more revenue by hiking individual income tax rates though. Instead they did it largely through making it tougher to evade taxes, and through "base broadening" -- that is, reducing various federal tax breaks and closing tax loopholes.
"The debt explosion has resulted not from big spending by the Democrats, but instead the Republican Party's embrace, about three decades ago, of the insidious doctrine that deficits don't matter if they result from tax cuts."
David Stockman - Director of the Office of Management and Budget for U.S. President Ronald Reagan.
BULLSHIT. Reagan was the biggest 'socialist' in American history. He transferred at least $3 trillion of wealth from the poor and the middle class to the opulent. And he was a REAL welfare queen. Instead of PAYING for what he spent he BORROWED for what he spent. He put America on the Beijing credit card.
Reagan: The great American Socialist
LetÂ’s go back to the early 1980Â’s. In 1981, Reagan signed a law that sharply reduced the income tax for the wealthiest Americans and corporations.
The president asserted his program would create jobs, purge inflation and, get this, trim the budget deficit.
However, following the tax cut, the deficit soared from 2.5 percent of GDP to over 6 percent, alarming financial markets, sending interest rates sky high, and culminating in the worst recession since the 1930Â’s.
INTEREST RATES
Soon the president realized he needed new revenues to trim the deficit, bring down interest rates and improve his chances for reelection. He would not rescind the income tax cut, but other taxes were acceptable.
In 1982, taxes were raised on gasoline and cigarettes, but the deficit hardly budged. In 1983, the president signed the biggest tax rise on payrolls, promising to create a surplus in the Social Security system, while knowing all along that the new revenue would be used to finance the deficit.
The retirement system was looted from the first day the Social Security surplus came into being, because the legislation itself gave the president a free hand to spend the surplus in any way he liked.
Thus began a massive transfer of wealth from the poor and the middle class, especially the self-employed small businessman, to the wealthy. The self-employment tax jumped as much as 66 percent.
In 1986, Reagan slashed the top tax rate further. His redistributionist obsession led to a perversity in the law. The wealthiest faced a 28 percent tax rate, while those with lower incomes faced a 33 percent rate; in addition, the bottom rate climbed from 11 percent to 15 percent.
For the first time in history, the top rate fell and the bottom rate rose simultaneously. Even unemployment compensation was not spared. The jobless had to pay income tax on their benefits.
A year later, the man who would not spare unemployment compensation from taxation called for a cut in the capital gains tax.
Thus, Reagan was a staunch socialist, totally committed to his cause of wealth redistribution towards the affluent.How much wealth transfer has occurred through ReaganÂ’s policies? At least $3 trillion.
Thus, Reagan was the first Republican socialist - and a great one, because his wealth transfer occurred on a massive scale. His accomplishment dwarfs even FDRÂ’s, and if today the small businessman suffers a crippling tax burden, he must thank Reagan the redistributionist.
However, FDR took pains to help the poor, while Reagan took pains to help the wealthiest like himself.
ReaganÂ’s measures were similar to those that the Republicans adopted during the 1920s, which were followed by the catastrophic depression.