Ronald Reagan cut taxes ... once

[ShockediSay]

and raised them at least three times, citing the duty of every citizen to shoulder their fair share. After his tax increase at the beginning of his second term as President, the economy then in recession, began its improvment. (And when Clinton raised taxes so that every American shouldered their fair share, the economy took off. And when Bush Jr ushered in his tax breaks, everyone spoke of the 'jobless recovery.')

Reagan also grew the size of government, making his 'big government' bigger.

And, oh yes, Reagan doubled the national debt.

[rfranklin]

1. He cut the income taxes for his patrons from 70% to 28%...

for the people like me earning a meager $5400 a year he put through the biggest tax hike in history.

[jmowreader]

2. Your numbers are slightly off, but that's okay

Reagan cut taxes four times:

The Economic Recovery Tax Act of 1981 (Kemp-Roth Tax Cut)
Interest and Dividends Tax Compliance Act of 1983
Federal Employees Retirement System Act of 1986
Tax Reform Act of 1986

You can google the disaster each of them caused.


Reagan's ELEVEN tax increases:
Tax Equity and Fiscal Responsibility Act of 1982
Highway Revenue Act of 1982
Social Security Amendments of 1983
Deficit Reduction Act of 1984
Consolidated Omnibus Budget Resolution Act of 1985
Omnibus Budget Reconciliation Act of 1985
Superfund Amendments and Reauthorization Act of 1986
Continuing Resolution for 1987
Omnibus Budget Reconciliation Act of 1987
Continuing Resolution for 1988

Reagan CUT taxes, mostly on the rich, by $275.3 billion and RAISED them, mostly on working Americans, by $232.7 billion.

http://www.ritholtz.com/blog/2010/07/reagans-tax-increases/

Everyone's familiar with this little joke, right?



This is the infamous Laffer Curve, and Reagan proved it works: when the tax rate is at, or to the left of, the 'equilibrium point' where tax revenues are supposed to go down, and you cut taxes, the economy goes to shit. But if you're over there and you RAISE taxes, the economy gets better,

One other thing you're wrong about. Reagan did not double the national debt. He tripled it.

[Guy Whitey Corngood]

4. Thank you. I'm bookmarking this. Laffer is a buffoon. I have to admit i didn't know who he was until

I read "Sleepwalking Through History" last year.

[bulloney]

6. I've always called it the 'Laughter Curve' because, like you said, the theory is a joke.

[ShockediSay]

7. WOW, I toss out a few glib counter propaganda generalities and you

come back w/ extremely well researched, well documented facts.

First, make no mistake, I applaud your excellent posting and you have my
greatest respects.

Second, IMHO in order for us to effectively counter the crypto-fascist propaganda
machine, we need to distill our facts and message into some punchy one-liner like
Luntz does for them, something easily digestible by the independents, us and some
Republicans <they have a need to keep it simple) and often repeated by us, I think.

[mikekohr]

3. WHY DO REPUBLICAN ECONOMIC PRINCIPLES EXPAND THE NATIONAL DEBT?

-The answer is simple mathematics. Reduced revenue + increased spending ='s increased debt-



?

The two biggest promises of "Trickle Down Economics" are it's greatest failings. Proponents of "Trickle Down Economics” claim that tax cuts, skewed to the rich, will create jobs and increase tax revenues. The graph above disproves the latter claim. Job creation plummets under "Trickle Down Economics (see http://bureaucountydems.blogspot.com/p/job-growth.html )and nine of the last ten recessions have occurred under Republican leadership (see http://bureaucountydems.blogspot.com/p/history-of-recessions.html ).

Two things are certain to grow when a Republican is in the White House, unemployment and the National Debt.


By contrast, "Bubble Up" economnic priciples practiced by Democratic Administrations put people to work, rev up the economy, and balance the Nation's ledger books. Every time. No exceptions.



There Is Perhaps No Better Source Than The Following Video To Understand How Credit Card Republicanism Has EXPLODED the National Debt. Watch it. Forward it. Spread the word.

WATCH THIS VIDEO!
http://www.youtube.com/watch?v=P1bZ-TiX8rA


http://bureaucountydems.blogspot.com/p/national-debt.html

[Democrats_win]

5. he "converted a nation of men to a nation of worms." A Mark Twain quote

From A Connecticut Yankee in King Arthur's Court. In that book, the "he" would be the church while is America's case, the worms obviously refer to the worms on Fraud Street and the banksters who dominate economics in this country.

[JoePhilly]

8. You are talking about the actual Reagan, not the MYTHICAL Reagan.

According to the right wing, the actual Reagan never existed and has since been replaced with the mythical Reagan.

Anytime a right winger talks about Reagan, that is how I refer to their depiction of him ... MYTHICAL.