The Great Trickledownalater gave two speeches to school children during his acting tour as President.
Both of them pushed his tax cuts for the rich.
Go figure. Must be a liberal thing.
The Great Trickledownalater gave two speeches to school children during his acting tour as President.
Both of them pushed his tax cuts for the rich.
Go figure. Must be a liberal thing.
Link and quotes?
How many brains did Ronnie damage with that speech? It was almost like he was preaching hatred of America. Sad.The Great Trickledownalater gave two speeches to school children during his acting tour as President.
Both of them pushed his tax cuts for the rich.
Go figure. Must be a liberal thing.
Link and quotes?
You still won't admit CON$ are America hating hypocrites even with links.
Remarks and a Question-and-Answer Session With Students of John A. Holmes High School of Edenton, North Carolina
We've been working to take an economy that was in bad shape and get it moving and growing again; take our national defense and make it first-rate again after a long period of decline; and to restore reason, respect, and reality to our foreign policy. And I think it's fair to say that we've made a good deal of progress. Only 5 years ago our economy suffered from high inflation, high interest rates, mushrooming government spending, and steadily increasing unemployment. A lot of people couldn't find jobs, and people on fixed incomes were finding it harder to buy the basics, such as food and shelter. Well, we got inflation down, interest rates down, and our economy created over 1\1/2\ million new jobs just last year alone. The poor are now increasingly able to dig themselves out of poverty, and that's been good economic news.
The good news in defense is that our Armed Forces, which were suffering from neglect and low funding, have now made a comeback. Morale is up in the services, and the quality of our men and women in uniform has never been better -- and I mean never. As a matter of fact, we have the highest percentage of high school graduates in uniform today than we've ever had in the history of our nation, even back when we had the compulsory draft. In addition, our nation has encouraged a more realistic sense of defense needs.
We have to remain economically competitive, and that means being aware of two things: first, what makes economies tick, and second, what works in other societies. We've been trying very hard in Washington to make America even more economically fit by really overhauling our entire tax structure. When we came into office, the top personal tax rate that the Federal Government could put on your income was 70 percent. Now, you can understand, I think, that if you were getting up in those brackets -- there were 14 different tax brackets, depending on the amount of money in each bracket you earned. And when you could look and say, ``If I earn another dollar, I only get to keep 30 cents out of it,'' you can imagine the lack of incentive there. Well, we lowered it to 50 percent, and the economy really took off. Now we're trying to lower it yet again so that families can keep more of their money and so the national economy will be lean and trim and fit for the future.
There are a number of things that I've thought we did rather well and was proud of. But right now, the fact that both the Senate and the House have passed tax reform legislation for the income tax -- meaning that when we can get those two together -- one of their programs they passed, I don't like at all. The other one's pretty good. But both of them can be improved. This, I think, would be the greatest achievement. We have had an income tax system that was passed in 1913 and has grown to be such a monster that virtually -- well, the main part of the people in our country have to hire professional help to find out how much they owe the Government. And the tax is such that if you make a mistake, the Government then comes back and penalizes you and charges you a fine for having made a mistake. At the same time, the Government has warned you not to seek advice from their own employees, because their own employees don't understand the law. And, therefore, you'd be penalized for their mistake.
Now, as I told you, 14 brackets in the income tax and -- all the way up to 50 percent. When I was in motion pictures -- and as you know, motion pictures do pay a little above the average scale if you make a go of it -- you'd come to a time the top bracket was 90 percent. Well, you'd come to a point in which you were in the 90-percent bracket. And somebody would offer you a fine picture, and you'd just love to do it. But you said, ``I'm not going to do that picture for 10 cents on the dollar.''
Well, today this tax that the Senate -- or bill that the Senate has passed has only two brackets: 15 percent and then 27 percent. Meaning that there would always be an incentive, even if you're in the 27-percent bracket, because you're going to get to keep 73 cents out of every dollar you earn no matter how many dollars those are. And it's been simplified to the place that you won't need a public accountant to tell you how much you owe. You can figure out your tax yourself. It's fair. There will be about 6 million people at the bottom of the scale who'll be dropped from having to pay any income tax at all. And about 80 percent of the people will be in that 15-percent bracket.
So, I think the fact that we have finally gotten the Congress of the United States to deal with this problem of tax reform is the greatest achievement. And I'm going to be riding herd all the way to see that we finally get it through.
I think Ed pretty much proved Reagan was trying to use his address for political reasons when it came to tax cuts and the economy. He posted the whole speech and proved our point.
