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The Reagan tax cuts, still controversial 30 years after being signed into law, were highly...
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Monday, August 15, 2011, 6:20 PM ETThe Reagan tax cuts, still controversial 30 years after being signed into law, were highly stimulative, but only because the economic circumstances of the time - high inflation, high tax rates - made it so, Bruce Bartlett writes. Reenacting some version of the tax cuts under today’s conditions - near-zero inflation, low tax rates - would not bring about similar results, he says.
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Low tax rates??? Not where I'm from.
In 1979 it was 13.3%
What's the top marginal tax rate today? 35%
Before Reagan's tax cuts it was 70%
Do you really not see the difference?
Who was the president at the time? The Honorable President Ronald Reagan.
I really see the difference.
PS: IMPEACH omama and the economy recovers instantly.
Now nothing will work except abolishing the FED, installing term limits, and hitting the big debt reset button.
Obama has wet dreams about walking hand in hand with the Gipper! Just look at the last few speeches he's made, always referring to the former president. He's got a man-crush big time....
Ive heard the 50% stat too many times from the righties, Really??? You rail about education, but would an educated person just read the ticker on fixed news and not spend a minute to do some research (valid research) to confirm that stat?
So lets put it this way, what you are saying is that every other person in this country is on welfare. That just sounds stupid. 50% may be on some sort of assistance, like unemployment and SS, but we pay into those systems, it doesn't count, unless you're a fact checker at fixed news!!
payroll tax holiday and low marginal rates and more write offs than ever
And low cap gains
It was shown that a not insignificant number of those made between 50-75K and even some between 75K-100K
Story is always more complicated
We should stop giving tax deductions for having kids. We don't have a population shortage. OTOH, under our economic system, we need constant growth to keep the Ponzi schemes running, so extra kids are good. Now, if only there was some way to guarantee that they would be able to get a job when they grow up and pay taxes, everything would be hunky-dory.
You are correct.
There has been asset inflation (i.e. affecting the price of commodities, agricultural products, stocks but little else to date) and businesses with input costs affected by those increases would dearly like to pass those costs on (but generally can't in the currently restrained economic environment).
In fact, when these inflation becomes more general (and this will be modest at the onset), this will be a sign that the recovery is definitely on firmer ground. It is at that point (but not sooner) that the fiscal and monetary authorities should begin modest restraint.
It's only controversial because many people have a need for an intrusive authority they believe, against all evidence, is benign.
Stop spewing BS that has no anchor in the real world.
Times change, new problems arise, and different solutions are needed.
They are just conservatives who are not elected or caught up in this current tea party delusion
They need to make their collective voices heard within the GOP.
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I quote:
"Spending during Reagan's two terms (FY 1981-88) averaged 22.4% GDP, well above the 20.6% GDP average from 1971 to 2009. In addition, the public debt rose from 26.1% GDP in 1980 to 41.0% GDP by 1988. In dollar terms, the public debt rose from $712 billion in 1980 to $2,052 billion in 1988, a roughly three-fold increase."
en.wikipedia.org/wiki/...
The government debt bubble began with Reagan, and now the bubble will burst with Obama. The discretionary spending bubble, the housing bubble, the private debt bubble, all bursted in the last couple years... We are all waiting on the govt. debt bubble to burst...Once this occurs, the U.S. dollar bubble will pop..
Then the real party is over. The fed will have to create inflation of 100%+ to prevent the govt from collapsing.
We are now Japan 1990's, and low interest rates did not help them correct anything, and neither will the Fed's policy. There is still psychological overhang from 2008, otherwise companies would not be keeping so much cash - they are not sure they will be able to get financing, so they plan to self-finance. Ironic that companies are actually losing money by holding their cash due to real inflation, and their borrowing costs are as low as they are ever going to be.
All politicians are same. If not, why don't we see ANY of them standing up on the floor of the House or Senate and demanding that Congress get serious? There don't seem to be any real voices campaigning for sanity in Washington, D.C.
To all the Kudlow watching, god-fearing, military-industrial complex loving right-wingers, tax cuts are the solution to EVERY economic ill.
Unfortunately, government doesn't offer a la carte tax choices. Wish it did.
Everyone pays taxes and the representatives we elected decide who gets what. That is the way our representative democracy works. I don't see it changing anytime soon either.
Is this just a sentiment or a fully considered idea? What you are rejecting is the very notion that the national, state and local governments should have the capacity to raise a revenue. In other words, you are essentially rejecting the concept of organized government.
Good luck with that.
As an afterthought, keep in mind the country had no income tax until 1913.
A modern economy in an advanced country of over 300 million people can not function with the extreme minimalist government role you favour. Further, the democratic process in such a country will suffer if a large portion of the electorate in such a country place the adoption of such a role at the top of their agenda and choose always to vote only in what they perceive to be their individual narrow interests.
Such a country is a house built upon a hill of sand; the hill being the alienated and isolated collection of autonomous individuals.
Surely we're not now at the 'mine is bigger than yours' level of discussion. It's gutsy of you though to go toe to toe with Warren Buffet on that basis; I'll give you that!
To all the Krugman reading, Satan worshipers, gay loving left-wingers, spending more and incurring more debt are the solution to EVERY economic ill.
PS: IMPEACH OMAMA!!
I pay private companies for power and water.
Emergency services....I think that is funded by mainly state and local, but I could do with a lot less police out on the road shaking me down for chump change at every opportunity.