interesting article, especially with several here waiting for a reagan clone to come along.
interesting article, especially with several here waiting for a reagan clone to come along.
:mrgreen: nah, didnt bump it, i've caught grief before for not posting my thoughts right away, and waiting for others first.Well I'm certainly glad you approve of your own article.
Or was this just a back door way of bumping your own thread hoping to get a reply?
The world will never know...........
All I know about Reagan is what I read, I was in like second grade at the end of his presidency so I can't really comment.
straw man unless you can point to someone who said that Reagan never raised taxes
Much like Obama, he inherited a horrible economy, except it was even worse that what Obama inherited. To blame it on Reagan would be no better than blaming the current economy on Obama.
He lowered taxes to jump start the economy and it worked like a charm. The economy was awesome after that. The low tax rates were no longer necessary, so he raised them for the sake of fiscal responsibility.
imagep said:Anyone but be notice how on the news they keep saying that "Bla Bla Bla (auto sales, home sales, unemployment, consumer confidence, retail sales, etc) is at the worst level in 28 year"? Ever do the math? Who was president then?
Yeah, one problem - that coincides with the great crash of '87, which Reagan had no part of. That was the private sector losing confidence through bubble scares.
Reagan did indeed raise taxes on many, but those were just offset by the massive corporate slashes he supported through supply-side economics (which he is NOT the inventor of - Kennedy supported this 25 years earlier). He created a lot of "smart debt", which was valuable for fighting a multi-headed hydra of international problems in the Middle East with Iran-Contra, as well as a Marxist cuo and Sandanistan uproar in the Latin American area. In addition, he had to offset losses in foreign-based income when he passed crippling tariffs on Japan which was pretty much poised to take over the automobile and electronics global industry.
So you had Reagan fighting the NYSE throwing up all over itself and Bush reeling from 9/11. What's Obama's excuse again? Haiti?
2010-28 = 1982
The recession of 1982 was somewhat artificial in creation
The Fed Chairman determined to finally get inflation under control jacked up the fed funds rate to very high levels, causing a massive recession, where the economy befoe hand was still in "stagflation" from the 70s.
You implying a correlation between high taxes and recession?
imagep said:2010-28 = 1982
That's what I said.But the economy was ALREADY growing before he raised taxes.
That's why he didn't do it.Cutting taxes while increasing spending is really not a good idea.
Taxes: What people forget about Reagan - Sep. 8, 2010
NEW YORK (CNNMoney.com) -- Those who oppose higher taxes and are fed up with record levels of U.S. debt may pine for Ronald Reagan, the patron saint of lower taxes and smaller government.
But it's worth considering just what Reagan did -- and didn't do .....
snip
Soon after taking office in 1981, Reagan signed into law one of the largest tax cuts in the postwar period.
That legislation -- phased in over three years -- pushed through a 23% across-the-board cut of individual income tax rates
snip
Despite the aggressive tax cutting, Reagan couldn't ignore the budget deficit, which was burgeoning.
After Reagan's first year in office, the annual deficit was 2.6% of gross domestic product. But it hit a high of 6% in 1983, stayed in the 5% range for the next three years, and fell to 3.1% by 1988. (By comparison, this year it's projected to be 9% but is expected to drop considerably thereafter.)
So, despite his public opposition to higher taxes, Reagan ended up signing off on several measures intended to raise more revenue.
snip
There were other notable tax increases under Reagan.
In 1983, for example, he signed off on Social Security reform legislation that, among other things, accelerated an increase in the payroll tax rate, required that higher-income beneficiaries pay income tax on part of their benefits, and required the self-employed to pay the full payroll tax rate, rather than just the portion normally paid by employees.
The tax reform of 1986, meanwhile, wasn't designed to increase federal tax revenue. But that didn't mean that no one's taxes went up. Because the reform bill eliminated or reduced many tax breaks and shelters, high-income tax filers who previously paid little ended up with bigger tax bills
snip
How might Reagan fare today?
Reagan's behavior might not pass muster with those voters today who insist their Congressmen treat every proposed tax increase as poisonous to the republic.
"By today's standards, the Gipper would easily qualify for status as a back-stabbing, treacherous RINO [Republican in Name Only]," wrote Tax Analysts contributing editor Martin Sullivan, in an article for Tax Notes in May.
snip
straw man unless you can point to someone who said that Reagan never raised taxes
Much like Obama, he inherited a horrible economy, except it was even worse that what Obama inherited. To blame it on Reagan would be no better than blaming the current economy on Obama.
He lowered taxes to jump start the economy and it worked like a charm. The economy was awesome after that. The low tax rates were no longer necessary, so he raised them for the sake of fiscal responsibility.
Taxes: What people forget about Reagan - Sep. 8, 2010
NEW YORK (CNNMoney.com) -- Those who oppose higher taxes and are fed up with record levels of U.S. debt may pine for Ronald Reagan, the patron saint of lower taxes and smaller government.
But it's worth considering just what Reagan did -- and didn't do .....
snip
Soon after taking office in 1981, Reagan signed into law one of the largest tax cuts in the postwar period.
That legislation -- phased in over three years -- pushed through a 23% across-the-board cut of individual income tax rates
snip
Despite the aggressive tax cutting, Reagan couldn't ignore the budget deficit, which was burgeoning.
After Reagan's first year in office, the annual deficit was 2.6% of gross domestic product. But it hit a high of 6% in 1983, stayed in the 5% range for the next three years, and fell to 3.1% by 1988. (By comparison, this year it's projected to be 9% but is expected to drop considerably thereafter.)
So, despite his public opposition to higher taxes, Reagan ended up signing off on several measures intended to raise more revenue.
snip
There were other notable tax increases under Reagan.
In 1983, for example, he signed off on Social Security reform legislation that, among other things, accelerated an increase in the payroll tax rate, required that higher-income beneficiaries pay income tax on part of their benefits, and required the self-employed to pay the full payroll tax rate, rather than just the portion normally paid by employees.
The tax reform of 1986, meanwhile, wasn't designed to increase federal tax revenue. But that didn't mean that no one's taxes went up. Because the reform bill eliminated or reduced many tax breaks and shelters, high-income tax filers who previously paid little ended up with bigger tax bills
snip
How might Reagan fare today?
Reagan's behavior might not pass muster with those voters today who insist their Congressmen treat every proposed tax increase as poisonous to the republic.
"By today's standards, the Gipper would easily qualify for status as a back-stabbing, treacherous RINO [Republican in Name Only]," wrote Tax Analysts contributing editor Martin Sullivan, in an article for Tax Notes in May.
snip
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