The political genius of supply-side economics

[Moot]

Originally Posted by JoeNormal

You've just got to believe in the power of magic.

who do that voodoo that cons do so well

[shelley_utahjazzfan]

Originally Posted by Moot

Um, Reagan increased the federal debt from $900 billion to $2.7 trillion in order to pay for his tax cuts for the wealthy. Then he signed into law the largest tax increase in American history with Tax Equity and Fiscal Responsiblity Act (TEFRA) of 1982 which took back many of the business tax savings and imposed withholding on interest and dividends which was later repealed under his objections. By the end of his 8 year term the government had increased spending 60% and had more debt than it did after WW2 and the revenue was almost the same as when he took office. All that Reagan achieved in his 8 years of office was to widen the gap between the wealthy and the working class and increase the poverty rate.
.

Sorry, your version of events is unconvincing, but do you care to address Reagan's observation of the results of across the board tax cuts that had occurred 4 times in the century before he took office.

REAGAN: This is Washington's cry: We can't reduce taxes until we reduce government spending, and I have to point out that government does not tax to get the money it needs; government always needs the money it gets. Now, your son can be extravagant with his allowance and you can lecture him day after day about saving money and not being extravagant, or you can solve the problem by cutting his allowance.

[RAGE AGAINST THE MACHINE]

Originally Posted by shelley_utahjazzfan

Sorry, your version of events is unconvincing, but do you care to address Reagan's observation of the results of across the board tax cuts that had occurred 4 times in the century before he took office.

REAGAN: This is Washington's cry: We can't reduce taxes until we reduce government spending, and I have to point out that government does not tax to get the money it needs; government always needs the money it gets. Now, your son can be extravagant with his allowance and you can lecture him day after day about saving money and not being extravagant, or you can solve the problem by cutting his allowance.

Ronald Reagan Raised Taxes in a Recession, Too

In 1982, with unemployment near 10 percent, President Ronald Reagan signed TEFRA. By cleaning up the tax code, slashing deductions, that tax act raised revenue by one percent of GDP over four years -- the largest peacetime tax increase in American history.

[Moot]

Originally Posted by shelley_utahjazzfan

Sorry, your version of events is unconvincing, but do you care to address Reagan's observation of the results of across the board tax cuts that had occurred 4 times in the century before he took office.

REAGAN: This is Washington's cry: We can't reduce taxes until we reduce government spending, and I have to point out that government does not tax to get the money it needs; government always needs the money it gets. Now, your son can be extravagant with his allowance and you can lecture him day after day about saving money and not being extravagant, or you can solve the problem by cutting his allowance.

Well, I don't know what to tell ya since you insist on listening to the warm fuzzy slogans instead of reading the facts, except perhaps SEE RAGE's POST ABOVE.

Btw, Reagan also said that trees cause pollution. ROTFL

[JoeNormal]

Reagan's tax cuts were the result of conservative black and white thinking. If cutting the top tax rate from 91% to 70% was good, then cutting it from 70% to 28% was even better. Now the chickens have come home to roost.

[JWeeks]

Originally Posted by JoeNormal

Reagan's tax cuts were the result of conservative black and white thinking. If cutting the top tax rate from 91% to 70% was good, then cutting it from 70% to 28% was even better. Now the chickens have come home to roost.

OK, Mr. Nuanced Thinker. Maybe you can explain this data correlation?


http://www.hoover.org/publications/h...t/article/5728

[JoeNormal]

Originally Posted by JWeeks

OK, Mr. Nuanced Thinker. Maybe you can explain this data correlation?


http://www.hoover.org/publications/h...t/article/5728

DavidW already explained it for you if you had bothered to listen.

[JWeeks]

Originally Posted by JoeNormal

DavidW already explained it for you if you had bothered to listen.

There are a lot of Davids posts that I don't read. Want to provide a reference?

BTW, what happened when tax rates were cut from 77 to 25% in the 1920s?

[JoeNormal]

Originally Posted by JWeeks

There are a lot of Davids posts that I don't read. Want to provide a reference?

You're the master of the search function, you find it. If you can remember when you started going wild with that graph, it shouldn't be hard.

Originally Posted by JWeeks

BTW, what happened when tax rates were cut from 77 to 25% in the 1920s?

It set us up for the great depression.

[RAGE AGAINST THE MACHINE]

Debunking the claim that higher income-tax rates reduce GDP.