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.
"Well, it is one thing for Bill Clinton to say, I feel your pain. It is another thing for Barack Obama to say I feel your pain that I have caused." - George Will
Last edited by patteeu; 02-22-2013 at 08:05 AM..