Newsflash: Ronald Reagan Raised Taxes (You Idiots)

[JBeukema]

Reagan continued these "modest rollbacks" in his second term. The historic Tax Reform Act of 1986, though it achieved the supply side goal of lowering individual income tax rates, was a startlingly progressive reform. The plan imposed the largest corporate tax increase in history–an act utterly unimaginable for any conservative to support today. Just two years after declaring, "there is no justification" for taxing corporate income, Reagan raised corporate taxes by $120 billion over five years and closed corporate tax loopholes worth about $300 billion over that same period. In addition to broadening the tax base, the plan increased standard deductions and personal exemptions to the point that no family with an income below the poverty line would have to pay federal income tax. Even at the time, conservatives within Reagan’s administration were aghast. According to Wall Street Journal reporters Jeffrey Birnbaum and Alan Murray, whose book Showdown at Gucci Gulch chronicles the 1986 measure, "the conservative president’s support for an effort once considered the bastion of liberals carried tremendous symbolic significance." When Reagan’s conservative acting chief economic adviser, William Niskanen, was apprised of the plan he replied, "Walter Mondale would have been proud."

Newsflash: Ronald Reagan Raised Taxes (You Idiots) | Firedoglake

 

[Mad Scientist]

Presidents can't raise taxes, Congress does that. Reagan had a Democrat Congress to work with, Democrats raised taxes (you idiots).

It's the same with the "Bush Tax Cuts". Impossible because according to the Constitution, Congress controls the purse strings. Last time I checked, G.W. Bush wasn't in Congress, he was the President.

Either way, I'm glad the national discussion has turned to tax cuts and budget plans.

 

[Luissa]

Presidents can veto.
It was the first time in history, that taxes were raised on the lower class and lowered on the higher class.

 

[glew]

Why is it liberals always try to make well loved conservatives into liberals? I saw that guy, Maddow, do the same thing. The hypocracy being that if a conservative does it, it is a bad thing....But if a liberal does it, us Trogs just don't understand the nuance and brilliance. I would be a huge Obama supporter if he did exactly what Reagan did. But the reality is that Barry is just a child compared to The Gipper, and there is no possibility of that ever happening. Whatever Reagan did, it worked...My parents and millions of others jumped up the income ladder at warp speed in the 80's. Not happening so much now

 

[uscitizen]

Of course many doing well in the 80's was all due to what Reagan did.

 

[onecut39]

Presidents can't raise taxes, Congress does that. Reagan had a Democrat Congress to work with, Democrats raised taxes (you idiots).

It's the same with the "Bush Tax Cuts". Impossible because according to the Constitution, Congress controls the purse strings. Last time I checked, G.W. Bush wasn't in Congress, he was the President.

Either way, I'm glad the national discussion has turned to tax cuts and budget plans.

If you care to look you will find Reagan's signature on all the bills that raised taxes. (You will also find democrats signatures on all that lowered taxes. (they had the majority)

That's the way it works.

 

[onecut39]

Of course many doing well in the 80's was all due to what Reagan did.

At a comparable time in the Reagan administration unemployment stood at about 7.5% and his popularity was also comparable to Obama.

How soon we forget.

 

[onecut39]

Presidents can veto.
It was the first time in history, that taxes were raised on the lower class and lowered on the higher class.

It was also the first time taxes were lowered in time of war.

 

[Greenbeard]

At a comparable time in the Reagan administration unemployment stood at about 7.5% and his popularity was also comparable to Obama.

How soon we forget.

You mean 10.8. Unemployment was at 10.8% in December of Reagan's second year in office.

 

[CrusaderFrank]

When up for reelection, Reagan won all but one of our 50 (or 57 states), let's see how Obama does, that is, if he even runs.

 

[CrusaderFrank]

So Progressives should Luv Reagan for raising taxes, amiright?

 

[elvis]

Presidents can veto.
It was the first time in history, that taxes were raised on the lower class and lowered on the higher class.

No one should have to pay 70-80 percent in taxes. Sorry.

 

[elvis]

When up for reelection, Reagan won all but one of our 50 (or 57 states), let's see how Obama does, that is, if he even runs.

He's running and he'll win. But he'll win fewer states than in 2008.

 

[CrusaderFrank]

When up for reelection, Reagan won all but one of our 50 (or 57 states), let's see how Obama does, that is, if he even runs.

He's running and he'll win. But he'll win fewer states than in 2008.

I say a lot of things to be provocative and make Progressives throw their monitor at the fish tank, but Soros fired Obama and I really think he'll find a graceful way not to run again in 2012

George Soros Tells Progressive Donors Obama Might Not Be The Best Investment

 

[Mr Natural]

Before that 1986 Income Tax Reform **** Job, Mrs Clean and I were claiming 10 exemptions between us and breaking even at tax time.

Since then, we've had to cut back to zero exemptions and write the IRS a check every year.

Reagan, **** him!

 

[elvis]

When up for reelection, Reagan won all but one of our 50 (or 57 states), let's see how Obama does, that is, if he even runs.

He's running and he'll win. But he'll win fewer states than in 2008.

I say a lot of things to be provocative and make Progressives throw their monitor at the fish tank, but Soros fired Obama and I really think he'll find a graceful way not to run again in 2012

George Soros Tells Progressive Donors Obama Might Not Be The Best Investment

Amazing, this soros,

He must be the most powerful man on Earth. It must be new-found power, as he didn't "fire" George W. Bush.

 

[CrusaderFrank]

Before that 1986 Income Tax Reform **** Job, Mrs Clean and I were claiming 10 exemptions between us and breaking even at tax time.

Since then, we've had to cut back to zero exemptions and write the IRS a check every year.

Reagan, **** him!

Holding onto all that resentment and anger since 1986 has gotta be healthy for you

 

[CrusaderFrank]

He's running and he'll win. But he'll win fewer states than in 2008.

I say a lot of things to be provocative and make Progressives throw their monitor at the fish tank, but Soros fired Obama and I really think he'll find a graceful way not to run again in 2012

George Soros Tells Progressive Donors Obama Might Not Be The Best Investment

Amazing, this soros,

He must be the most powerful man on Earth. It must be new-found power, as he didn't "fire" George W. Bush.

Soros didn't back Bush.

See the difference?

 

[Sallow]

Presidents can veto.
It was the first time in history, that taxes were raised on the lower class and lowered on the higher class.

There you go again you little minx..stealing my thunder.

 

[Mr Natural]

Before that 1986 Income Tax Reform **** Job, Mrs Clean and I were claiming 10 exemptions between us and breaking even at tax time.

Since then, we've had to cut back to zero exemptions and write the IRS a check every year.

Reagan, **** him!

Holding onto all that resentment and anger since 1986 has gotta be healthy for you

Can't be any worse than the resentment you harbor towards Progressives.