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View Diary: OMG!!! Teh Book That Would Have Destroyed Teh Obama!!!1!!1! (83 comments)

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  •  Reagan tax cuts worked alright (0+ / 0-)

    He cut taxes in 1981 and the economy went right into one of the worst recessions in the last 75 years.  I mean if we're going to play this correlation/causation game, then it should work both ways.  Unemployment reached above 10% BTW.  It got so bad that pundits were predicting Reagan would only last 1 term.  

    In 1982 Reagan rolled back many of the tax cuts he pushed in 1981 but kept the tax cuts on high income earners.  Interest rates also started to fall.  The result was the economy prospered  in time for him to win a landslide in 84 but the income gap grew exponentially and the rich did VERY WELL (Lifestyles of the Rich and Famous, mergers and acquisitions, Junk Bonds, Mike Milken, 'greed is good', Bain Capital) and eventually it led to a bubble on Wall Street which burst in 1989.  

    So yeah they worked for the well off.  Everyone else?  We got fucked hard.  Oh BTW his 1981 tax cut was also responsible for foisting IRA accounts on us and started moving workers away from guaranteed pension plans.  

    Frankly all this talk about the fiscal cliff misses the larger goal.  We shouldn't be talking about rolling back the Bush tax cuts.  We should be talking about rolling back the 1981 REAGAN TAX CUTS!!!

    Top marginal rates cut from 70% to 50%
    Cap Gains rates reduced from 28% to 20%

    The cliff will take us back to 39.6% on regular income for high earners and will take the Cap Gains rate to 23.8% (20% plus 3.8% in Obamacare on high earners).  It will also push the dividend rate to 43.4% on high earners (wonder why companies are all announcing dividends early?  Wouldn't have anything to do with the tax rate going from 15% to 43.4% on 1/1/13 would it?).  Frankly, that's not enough.  Let's roll back the Reagan tax cuts and maybe we'll start seeing some real deficit reduction.

    This is your world These are your people You can live for yourself today Or help build tomorrow for everyone -8.75, -8.00

    by DisNoir36 on Mon Dec 03, 2012 at 06:32:55 AM PST

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