Quote:
Originally Posted by tony404
Sorry Lord
http://www.nationalreview.com/nrof_b...0310290853.asp
The only problem with this analysis is that it is historically inaccurate. 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. |
Are you missing the fact that I'm spewing a massive amount of sarcasm in this thread to present a straw man for people to knock down?
With that said, you're quoting OVERALL taxation, but the the top tax rate was lowered from 50% to 28% in 1986... gee what class of people does that help? (Hint: Its not the middle class or the poor). It was arguably the biggest tax change of the era.