President Reagan raised taxes twice after his initial tax cut

[NNN0LHI]

http://www.suntimes.com/output/quicktakes/cst-nws-qt091.html

Taxing decision: Borrowing from our future

News Item: Treasury Secretary John Snow notifies Congress that the administration has now taken "all prudent and legal actions," including tapping into federal pension funds, to keep from hitting the $8.2 trillion national debt limit.

President Reagan raised taxes twice after his initial tax cut.

The federal budget was in trouble.

It was the prudent thing to do.

[underpants]

1. 4 times

"A sober review of Reagan's presidency doesn't yield the seamlessly conservative record being peddled today. Federal government expanded on his watch. The conservative desire to outlaw abortion was never seriously pursued. Reagan broke with the handlers in his administration and compromised with the Soviets on arms control. His assault on entitlements never materialized; instead he saved Social Security in 1983. And he repeatedly ignored the fundamental conservative dogma that taxes should never be raised."


After Reagan's early victories on defense and tax cuts, according to Green, the Gipper "never seriously tried to enact the radical agenda he'd campaigned on." Conservatives still celebrate the massive cuts in income tax rates Reagan achieved in the first year of his presidency. However, that Reagan raised taxes four times between 1982 and 1984 is rarely mentioned. "Just two years after declaring, "there is no justification" for taxing corporate income," Green writes, "Reagan raised corporate taxes by $120-billion over five years and closed corporate tax loopholes worth about $300-billion over that same period."

http://hnn.us/comments/7985.html

Reagan's Liberal Legacy
Faced with looming deficits, Reagan raised taxes again in 1983 with a gasoline tax and once more in 1984, this time by $50 billion over three years, mainly through closing tax loopholes for business. Despite the fact that such increases were anathema to conservatives--and probably cost Reagan's successor, George H.W. Bush, reelection--Reagan raised taxes a grand total of four times just between 1982-84.

http://www.washingtonmonthly.com/features/2001/0301.green.html

[NNN0LHI]

7. Thank you for the clarification

I will email the info to Smith at the Sun-Times. See you later.

Don

[Kerrytravelers]

2. Freeper response: Lalala *fingers in ears* lalala. I can't hear you.

[bryant69]

3. Bush won't do it.

I don't think. He might, but I'd be surprised.

He would take enormous flack from his base.

Bryant
Check it out --> http://politicalcomment.blogspot.com

[wordpix2]

4. * already has "proven:" tax cuts=increased revenues. He's got Snowjob

on that task.

[FloridaPat]

5. Reagan increased the national debt more that all the national debts

ever made in the USA. * seems like he's trying to beat that record.

[sam sarrha]

6. what happened was he had a Mao moment and was going to create a Utopia with

extreme tax cuts.. with his supply side economics theory.

his minions realized he had lost contact with reality and tried to poison the bill by making it so outlandish no one would vote for it.. but EVERYBODY did. so much damage was done we are still reeling from it.. but they had to cover up the problems so they blamed the liberals..

that worked so well it became the the entire platform of the RNC.. to just bash the opposition with a Stalinesque blitz and purge. and not really have any policy other than to loot and get rich off their vested power. that worked so well they just evolved into a bunch of looting corporate monkies at a salad bar..