Penelope
Diamond Member
- Jul 15, 2014
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from the same linkReagan passed the largest peace time tax hike in history which basically clawed back all the money from the income tax cuts.Republicans loved Reagan, he cut taxes twice and he raised the lowest bracket.no one else didTramp cared,I get it, it’s the point of the OP . Nobody will care till we increase taxes, cuts are making people care less and less.Tax payers don’t care about spending because it goes on the credit card and they get tax cuts.Fact is that repubs fuel increased spending with tax cuts.Deny what you don't know the facts.And yet you can’t deny any of the facts.History and politics not strong with you is it cum breath?Now that we are closing out another failed republican president it seems like a good time to bring up debt since repubs will no doubt put there fiscally responsible hats back on for us to laugh at. It's clear big debt started with Reagan, the guy tripled the debt. We almost had it under control under Clinton, then Bush messed that up completely. Then Obama inherited the Bush mess and spent a lot, but deficits generally came down after the mess was fixed. Now Trump inherited a strong economy and still increased debt every single year. Last year pre pandemic he managed a trillion dollar deficit during a strong economy, this year he will set a new record by a lot.
Over and over and over republicans support the same policy of cut taxes, increase military spending, and drastically increase debt. And that is what has happened every time they have done it. Reagan did it, Bush did it, and now Trump did it. And repubs stupidly believe the square peg is going to fit the round hole this time.... or are they all that stupid? Many certainly are, but others clearly love the freebies. Heck better than a freebie, trumpers got their military spending and a tax cut! Government is great!
So for the last 40 years we have gotten more and more government and thanks to repubs it costs tax payers less and less. That is a formula for increasing government if I have ever seen one. So laugh whenever a repub claims to be for fiscal responsibility, their policy has clearly lead the way for more and more debt.
Reagan had to compromise with tippy
Newt is the one who balanced the budget for a few
so democrats take no responsibility for their increased spending they just blame republicans for cutting taxes.
got it.
Doesn't it seem to be the rationale that if everyone is to blame then no one is at fault?
now you're finally getting it
No one cares about the debt.
And it ain't gonna matter before I'm dead so i don't care either
presidents have increased taxes and still no one cared.
Reagan passed the single largest peacetime tax hike in history and no one cared that he grew the debt
Clinton raised taxes and no one cared that he raised the debt
Bush #1 raised taxes and no one cared that he increased the debt
how can you keep saying that people will care when taxes are raised when they have shown just the opposite?
Trump touts tax law he previously called a disaster - YouTube
Min 120 on
Remember tramp wanted them to invest in real estate, and he was a Democrat for a long time.
Anything that he felt it was good for him. Now he wants tax cuts, but he didn't back in the 80's.
Trump wasn't complaining about the tax cuts he was complaining about the tax increases Reagan signed into law after the first rounds of cuts
No he didn't, he twice cut taxes. Reagan only raised the lowest bracket in 1986.
Tramp was bitching about people playing the market instead of investing in real estate.
The Economic Recovery Act of 1981, also known as the Reagan tax cuts, was the biggest reduction in U.S. taxes of the past 70 years, possibly even the biggest ever. 1 That much is reasonably well-known.
What is less well-known is that these cuts were then followed by a series of tax increases that, if you add them all together, were almost as big as or even bigger than the 1981 cuts, depending on the measure you use.
Taxes: What people forget about Reagan
Ronald Reagan is the patron saint of lower taxes and smaller government. He cut taxes, yes. But he also raised them several times, in part to reduce high deficits and in part to pave the way for true tax reform.money.cnn.com
So, despite his public opposition to higher taxes, Reagan ended up signing off on several measures intended to raise more revenue.
"Reagan was certainly a tax cutter legislatively, emotionally and ideologically. But for a variety of political reasons, it was hard for him to ignore the cost of his tax cuts," said tax historian Joseph Thorndike.
Two bills passed in 1982 and 1984 together "constituted the biggest tax increase ever enacted during peacetime,
Two bills passed in 1982 and 1984 together "constituted the biggest tax increase ever enacted during peacetime,
Sounds awful!!
What were the rates before Reagan increased them? What were the rates after?
The bills didn't raise more revenue by hiking individual income tax rates though. Instead they did it largely through making it tougher to evade taxes, and through "base broadening" -- that is, reducing various federal tax breaks and closing tax loopholes.
For instance, more asset sales became taxable and tax-advantaged contributions and benefits under pension plans were further limited.
"What people forget about Ronald Reagan was that he very much converted to base broadening as a means of reducing deficits and as a means of tax reform," said Eugene Steuerle, an Institute Fellow at the Urban Institute who had helped lay the groundwork for tax reform in 1986 and served as a deputy assistant Treasury secretary during Reagan's second term.
There were other notable tax increases under Reagan.
In 1983, for example, he signed off on Social Security reform legislation that, among other things, accelerated an increase in the payroll tax rate, required that higher-income beneficiaries pay income tax on part of their benefits, and required the self-employed to pay the full payroll tax rate, rather than just the portion normally paid by employees.
The tax reform of 1986, meanwhile, wasn't designed to increase federal tax revenue. But that didn't mean that no one's taxes went up. Because the reform bill eliminated or reduced many tax breaks and shelters, high-income tax filers who previously paid little ended up with bigger tax bills.
So he's the one that did this, and it hasn't increased in all the years!
Beginning in 1984, includes up to one-half of Social Security benefits as taxable income for taxpayers whose adjusted gross income, combined with half their benefits and any tax-exempt interest they may have exceeds $25,000 for a single taxpayer and $32,000 for married taxpayers filing jointly. Benefits received by married taxpayers filing separately are taxable without regard to other income. Appropriates amounts equal to estimated tax liability to the Social Security trust funds.
Social Security history (ssa.gov)
The rich should pay more, as they get higher amounts in their SS checks.