Originally Posted by Loneiguana
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.
The first time might have been a mistake. This second time shows me that you're either a logic-challenged tax policy illiterate or you're desperate to change the subject. Your post is still off-topic and my previous reply explains why.
"After voters re-elected an administration that added five trillion dollars to the nationís debt, left 23 million Americans unemployed, surrendered Iraq to Americaís enemy Iran, and enabled the Muslim Brotherhood to gain control of the largest country in the Middle East, the one lesson Republicans should agree on is that elections are driven by emotions, not reason." - David Horowitz
Last edited by patteeu; 02-22-2013 at 07:05 AM..