Quote
Originally posted by: hoops2
"but Reagan's tax rates are considered to be communistic by today's standards of the laughable right wing "fiscal conservatives".. "
The tax rates back then were at a higher base & the democrats (who controlled congress) were proclaiming the end of the world with the cuts that were passed back then. He could never have passed today's rate structure then. Here is a summary of cuts from Reagan
• phased-in 23% cut in individual tax rates over 3 years; top rate dropped from 70% to 50%
• indexed individual income tax parameters (beginning in 1985)
• created 10% exclusion on income for two-earner married couples ($3,000 cap)
• phased-in increase in estate tax exemption from $175,625 to $600,000 in 1987
• reduced Windfall Profit taxes
• allowed all working taxpayers to establish IRAs
• expanded provisions for employee stock ownership plans (ESOPs)
By the way bama with his new budget is still trying to increase taxes
We can always count on Hoops to cherry pick the facts.
- Reagan also increased the Social Security and Medicare payroll taxes to the highest levels in history to help offset his 1981 tax cuts. Do you think Obama should do the same?
- He rolled back his tax cuts on corporations in 1982 - increasing them by 57 billion dollars. Do you support that today?
- He increased taxes on Dividends and interest. Would you support Obama doing that?
- He increased federal taxes on gasoline at the pump from 4 cents to 9 cents/gallon.
- He increased taxes on bonues given to corporate executives. Do you support that today?
Hoops had a stroke when Obama put a tax on tanning beds to help offset the payroll tax cuts in the stimulous bill. I can only imagine the reaction to all of Reagan's tax increses.
Reagan's tax cuts / tax increases
