Taxing labor

TintDude · February 5, 2009

TD, I cant agree more...the problem is, how/who/when are we going to be able to get back to this proven method of laisse fare (<---spelling?)

Barring armed revolution or the Election of Chuck Norris it's not going to happen. :krazy

Sisqouc · February 6, 2009

When Ronald Reagan took office, BTW his birthday is tomorrow February 6th, interest rates were somewheres around 20%.

It was said that those historically high rates were holding us back.

Now that they are effectively zero at the federal reserve and things still suck.

If income and capital gains taxes were 0.0%, I think our alleged leaders would still screw things up.

TintDude · February 6, 2009

When Ronald Reagan took office, BTW his birthday is tomorrow February 6th, interest rates were somewheres around 20%.
It was said that those historically high rates were holding us back.

Now that they are effectively zero at the federal reserve and things still suck.

If income and capital gains taxes were 0.0%, I think our alleged leaders would still screw things up.

Come on now, cap gains taxes were up around 70% under Carter, things turned around with Reagan a bit.

TintJunkie · February 6, 2009

When Ronald Reagan took office, BTW his birthday is tomorrow February 6th, interest rates were somewheres around 20%.
It was said that those historically high rates were holding us back.

Now that they are effectively zero at the federal reserve and things still suck.

If income and capital gains taxes were 0.0%, I think our alleged leaders would still screw things up.

Come on now, cap gains taxes were up around 70% under Carter, things turned around with Reagan a bit.

"a bit" is an understatement. In reality, the low interest rate doesnt matter when the gov't forced banks to make loans people shouldnt have been able to get. Come on, giving someone 300k with an income of 50k just doesnt make sense. Reagan was a conservative. He LOWERED taxes and created millions of jobs...that makes sense.

February 6, 2009

lets put clinton back in office :krazy

Sisqouc · February 6, 2009

I'm not blaming the Gipper for our situation now.

However, and no disrespect intended given his birthday and all,

Reagan initially lowered taxes in 1981, then the following occurred.

Reagan may have resisted calls for tax increases, but he ultimately supported them. In 1982 alone, he signed into law not one but two major tax increases. The Tax Equity and Fiscal Responsibility Act (TEFRA) raised taxes by $37.5 billion per year and the Highway Revenue Act raised the gasoline tax by another $3.3 billion.
According to a recent Treasury Department study, TEFRA alone raised taxes by almost 1 percent of the gross domestic product, making it the largest peacetime tax increase in American history. An increase of similar magnitude today would raise more than $100 billion per year.

In 1983, Reagan signed legislation raising the Social Security tax rate. This is a tax increase that lives with us still, since it initiated automatic increases in the taxable wage base. As a consequence, those with moderately high earnings see their payroll taxes rise every single year.

In 1984, Reagan signed another big tax increase in the Deficit Reduction Act. This raised taxes by $18 billion per year or 0.4 percent of GDP. A similar-sized tax increase today would be about $44 billion.

The Consolidated Omnibus Budget Reconciliation Act of 1985 raised taxes yet again. Even the Tax Reform Act of 1986, which was designed to be revenue-neutral, contained a net tax increase in its first 2 years. And the Omnibus Budget Reconciliation Act of 1987 raised taxes still more.

Source THE NATIONAL REVIEW founded by my favorite conservative (along with Barry Goldwater) William F. Buckley

http://www.nationalreview.com/nrof_bartlet...00310290853.asp

"I don't believe that Reagan ever initiated any of the tax increases enacted during his watch. Nor do I think Bush will, either. But when all the political and economic elites of this country gang up on a president to raise taxes, history shows that they always get what they want. Indeed, they were even able to get Bush's father to raise taxes in 1990, even though his political advisers knew that it would likely lead to his defeat in 1992, which it did."

From above link.

TintJunkie · February 6, 2009

I'm not blaming the Gipper for our situation now.
However, and no disrespect intended given his birthday and all,

Reagan initially lowered taxes in 1981, then the following occurred.

Reagan may have resisted calls for tax increases, but he ultimately supported them. In 1982 alone, he signed into law not one but two major tax increases. The Tax Equity and Fiscal Responsibility Act (TEFRA) raised taxes by $37.5 billion per year and the Highway Revenue Act raised the gasoline tax by another $3.3 billion.
According to a recent Treasury Department study, TEFRA alone raised taxes by almost 1 percent of the gross domestic product, making it the largest peacetime tax increase in American history. An increase of similar magnitude today would raise more than $100 billion per year.

In 1983, Reagan signed legislation raising the Social Security tax rate. This is a tax increase that lives with us still, since it initiated automatic increases in the taxable wage base. As a consequence, those with moderately high earnings see their payroll taxes rise every single year.

In 1984, Reagan signed another big tax increase in the Deficit Reduction Act. This raised taxes by $18 billion per year or 0.4 percent of GDP. A similar-sized tax increase today would be about $44 billion.

The Consolidated Omnibus Budget Reconciliation Act of 1985 raised taxes yet again. Even the Tax Reform Act of 1986, which was designed to be revenue-neutral, contained a net tax increase in its first 2 years. And the Omnibus Budget Reconciliation Act of 1987 raised taxes still more.

Source THE NATIONAL REVIEW founded by my favorite conservative (along with Barry Goldwater) William F. Buckley

http://www.nationalreview.com/nrof_bartlet...00310290853.asp

"I don't believe that Reagan ever initiated any of the tax increases enacted during his watch. Nor do I think Bush will, either. But when all the political and economic elites of this country gang up on a president to raise taxes, history shows that they always get what they want. Indeed, they were even able to get Bush's father to raise taxes in 1990, even though his political advisers knew that it would likely lead to his defeat in 1992, which it did."

From above link.

No the less, Reagan created economic growth, and NO one can deny that. He undid what Carter created. Bush had oustanding economic growth during his term as well. People only remember what was bad, towards the end especially. Again, I am not claiming fireworks with Bush. You can post all the stats you want, and I could post negatives about past presidents as well...republicans and democrats.

Ronald Reagan won the Republican Presidential nomination in 1980 and chose as his running mate former Texas Congressman and United Nations Ambassador George Bush. Voters troubled by inflation and by the year-long confinement of Americans in Iran swept the Republican ticket into office. Reagan won 489 electoral votes to 49 for President Jimmy Carter.

On January 20, 1981, Reagan took office. Only 69 days later he was shot by a would-be assassin, but quickly recovered and returned to duty. His grace and wit during the dangerous incident caused his popularity to soar.

Dealing skillfully with Congress, Reagan obtained legislation to stimulate economic growth, curb inflation, increase employment, and strengthen national defense. He embarked upon a course of cutting taxes and Government expenditures, refusing to deviate from it when the strengthening of defense forces led to a large deficit.

A renewal of national self-confidence by 1984 helped Reagan and Bush win a second term with an unprecedented number of electoral votes. Their victory turned away Democratic challengers Walter F. Mondale and Geraldine Ferraro.