ScreamingEagle
Gold Member
- Jul 5, 2004
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Try 8 times in the 6 years after the 1981 tax cut. The election year of 1988 was the the only other year St Ronnie didn't raise taxes.
Here is a list of Reagan's tax increases after his ONLY tax cut in 1981.
First term
1. Tax Equity and Fiscal Responsibility Act of 1982
2. Highway Revenue Act of 1982
3. Social Security Amendments of 1983
4. Interest and Dividend Tax Compliance Act of 1983
5. Deficit Reduction Act of 1984
Second term
6. Omnibus Budget Reconciliation Act of 1985
7. Tax Reform Act of 1986
8. Omnibus Budget Reconciliation Act of 1987
Sometimes to be fiscally conservative one must raise taxes...
....but didn't Reagan go along with Democrats on raising some taxes as long as they promised to cut spending by the same amount...? (and then they kept kept on spending....typical)
All this fuss about Reagan raising a few taxes is one big attempt by liberals to obfuscate the FACT that Reagan's massive tax cuts had great results....read it and weep...
When Reagan left the White House, the deficit amounted to 2.8 percent of Gross Domestic Product, after having hit 6 percent of GDP in 1983. The economy grew out of the 1982 recession and by the end of Reagans presidency the unemployment rate was 5 percent, less than half what it was in 1982.
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The result of the 1981 tax cut was the 1982 Reagan Recession, the worst since the Great Depression, with a 6% of GDP deficit, a 10.8% max unemployment rate with 10 months of double digit unemployment, a 20.5% max interest rate and a -6.8% GDP.
The result of the eight 1982 through 1987 tax increases was the reduction of the deficit to 2.8% and reduction of unemployment to 5.3%, and a reduction of interest rates to 11%. Get your chronology straight please.
Sorry...but that claim is nothing more than partisan hack spewage...it wasn't "Reagan's Recession".....there is no way that the tax cuts would have had such an immediate effect....the 1980-1982 recession was already well under way....unemployment stats follow a period of no growth...the ecnonomy began to grow again in 1983....the CAUSE of that recession was that the Paul Volcker Fed kept money too tight because of the inflation problems they'd had during the 70s....in fact....Reagan's tax cuts probably headed off another Depression....
Had there been no compensating increases in the other components of aggregate demand the levels of investment and GDP would have continued downward and there would have been a full blown depression. But there were compensating changes. The most publicized was the Reagan Tax Cut. There were cuts in some fields of Federal government purchases but increases, notably in defense, in others.
The tax cut was justified in terms of Supply-side Economics but equally well could have been justified in terms of demand-side stimulation of the economy. The increase in government purchases along with the tax cut led one economist to characterized the economic policy of the Reagan administration as being "Keynesianism on steroids." Regardless of how the policies were publicized and characterized the end result is that they kept the anti-inflation policy of the Volcker Fed from recreating the conditions of 1929-1930 when the Fed precipitated the Great Depression.
Index Page for applet-magic.com - The Recession 1980-1982