Synthaholic
Diamond Member
- Jul 21, 2010
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Reagan cut taxes effective Jan 1, 1983 and dramatically decreased inflation via the Volcker Fed tightening.
Any theory that you have that doesn't involve these facts is just leftwing hyperbole.
Then let's hear from a staunch Conservative, Senator Alan Simpson of Wyoming:
Reagan Raised Taxes At Least 7 Times, Including the Biggest Corporate Tax Hike Ever
Transcript:
SEN. SIMPSON: Now if we’re going to work through the myths and misconceptions and the distortions, and as one president said, “plain damn lies.” I forget what president — I think it was Harry [Truman]. Uh, I’m going to say one.
Some groups seem to bring up Ronald Reagan. We’ll hear from those this afternoon — with a deserved reference, which is very appropriate. Uh. In the words memorialized in the vice presidential debate, I knew Ronald Reagan. They are not Ronald Reagan “knowers.”
In his diary books, I’m proudly mentioned many times. He was a dear friend, and a total realist as to politics.
I didn’t come to this commission to raise taxes. That’s the myth. But I’ll tell ya, they’ve got to be on the table and they are on the table. So I’ll get my share of crap on that one.
But let’s just disengage ourselves from the myth that Ronald Reagan never raised taxes. He did. And here are four big ones. So I hope this will clear the air for some of the groups today.
In 1982, the Tax Equity and Fiscal Responsibility Act, that rolled back about a third of his ‘81 tax cuts, raised corporate tax rates, and to a lesser extent income tax rates. Raised taxes by almost 1 percent of GDP, which at that time was the largest percentage in peacetime increase ever.
[The] 1982 gas tax increase. [The] 1983 Greenspan commission — we know so well; [fellow commission member Alice Rivlin] remembers — we all … raised payroll taxes for lower and middle income households to higher than they were before Reagan’s ‘81 tax cuts. Then there was the 1984 deficit reduction tax.
Those are the big four. Then there was the Railroad Retirement Revenue Act, Consolidated Omnibus Budget of ‘85… ‘85…’87 Continuing Resolution, Omnibus Budget Reconciliation Act of ‘87, that was $8.6 billion
So there were a lot of them. Just thought I’d throw that in.
YouTube - Simpson Takes Down The Reagan Myth
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