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Old 02-22-2013, 07:28 AM   #149
Loneiguana Loneiguana is offline
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Quote:
Originally Posted by patteeu View Post
No, I didn't rewrite history, you are getting lost in the argument. We are talking about tax rates. My position was that we should flatten the rate structure (i.e. reducing top end marginal rates). You prefer a more progressive system. Reagan NEVER increased marginal rates. He decreased them substantially at least twice during his 8 years in office (top rate went from 70% to 50% early in his first term and then down to 28%* in 1986).

*I think there were some circumstances where your marginal rate could be a little higher than 28%, but off the top of my head I don't remember what they were.
You rewrite history. Reagan's income tax cut in 81, down to 50 percent resulted in a large deficit and in 82 the country was in a recession. In order to make up for the lost revenue from that tax cut, Reagan raised taxes every year he was in office, except the first and last. In response to cutting the top tax rate, he had to pass The Tax Equity and Fiscal Responsibility Act of 82, one of the largest tax increases in American History.

Cutting the top tax rate resulted in budget deficits, and a increase in inequality. Reagan took more money from the middle class in order for the rich to have a lower tax rate. That's a transfer of wealth in my book.
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