September 13, 2010
DON'T BOTHER THEM WITH THE REAL REAGAN...:
Taxes: What people forget about Reagan (Jeanne Sahadi, September 12, 2010,CNNMoney.com)
After Reagan's first year in office, the annual deficit was 2.6% of gross domestic product. But it hit a high of 6% in 1983, stayed in the 5% range for the next three years, and fell to 3.1% by 1988. (By comparison, this year it's projected to be 9% but is expected to drop considerably thereafter.)
So, despite his public opposition to higher taxes, Reagan ended up signing off on several measures intended to raise more revenue.
"Reagan was certainly a tax cutter legislatively, emotionally and ideologically. But for a variety of political reasons, it was hard for him to ignore the cost of his tax cuts," said tax historian Joseph Thorndike.
Two bills passed in 1982 and 1984 together "constituted the biggest tax increase ever enacted during peacetime," Thorndike said.
...they worship the one who exists only in their own minds. Posted by Orrin Judd at September 13, 2010 1:37 PM