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<blockquote data-quote="The Other Side" data-source="post: 2212275" data-attributes="member: 17969"><p>You are an idiot.</p><p></p><p></p><p><strong>Reagan’s tax increases</strong></p><p></p><p><strong>1982: </strong>The most significant tax increase Reagan signed was also the first. The Tax Equity and Fiscal Responsibility Act of 1982 (yes, another law with a very sexy name) increased taxes by almost 1 percent of GDP.</p><p></p><p>The 1982 tax increase was "probably the largest peacetime tax increase in American history," said economist Bruce Bartlett, who advised Reagan on domestic policy and then worked as Treasury deputy assistant secretary for economic policy in the George H.W. Bush administration. (An analysis by Jerry Tempalski, an analyst in the Office of Tax Analysis with the U.S. Department of the Treasury, <a href="http://www.politifact.com/truth-o-meter/statements/2012/jun/28/rush-limbaugh/health-care-law-not-largest-tax-increase-us-histor/" target="_blank"><u>agrees</u></a>.)</p><p></p><p><strong>1983: </strong>A law Reagan signed in 1983 aimed to keep Social Security afloat by increasing payroll taxes and taxing Social Security benefits for some high-earners. This cost $24.6 billion, or almost $50 billion in 2015 dollars, through 1988, according to an administration <a href="http://www.treasury.gov/resource-center/tax-policy/Documents/OTA-Rev-Effects-1940-present-3-1-2013.pdf" target="_blank"><u>estimate</u></a>.</p><p></p><p></p><p><strong>1984:</strong> The Deficit Reduction Act that Reagan signed rolled back part of the 1981 cut on buildings, Entin said, with the idea that Congress would enact spending cuts. "But many of those cuts were either never enacted or were later restored," Entin said. This led to $25 billion in tax receipts.</p><p></p><p>Reagan also signed tax increases in 1985, 1986, 1987 and 1988 (as well as a couple other laws with revenue reductions).</p><p></p><p></p><p>""Reagan’s staff tallied up the effect of major legislation on tax receipts over his tenure for his final budget proposal (<a href="https://fraser.stlouisfed.org/docs/publications/usbudget/bus_1990.pdf" target="_blank"><u>page 4-4</u></a>). The 1981 tax cuts comprised most of the total $275 billion in tax relief, but the other side of the ledger listed $133 billion in cumulative tax increases. </p><p></p><p>"Thus,<strong><span style="font-size: 22px"> Reagan took back about half the 1981 tax cut with subsequent tax increases</span></strong>," Bartlett wrote.""</p><p></p><p>Stay out of these discussions RB1</p><p></p><p>TOS.</p></blockquote><p></p>
[QUOTE="The Other Side, post: 2212275, member: 17969"] You are an idiot. [B]Reagan’s tax increases[/B] [B]1982: [/B]The most significant tax increase Reagan signed was also the first. The Tax Equity and Fiscal Responsibility Act of 1982 (yes, another law with a very sexy name) increased taxes by almost 1 percent of GDP. The 1982 tax increase was "probably the largest peacetime tax increase in American history," said economist Bruce Bartlett, who advised Reagan on domestic policy and then worked as Treasury deputy assistant secretary for economic policy in the George H.W. Bush administration. (An analysis by Jerry Tempalski, an analyst in the Office of Tax Analysis with the U.S. Department of the Treasury, [URL='http://www.politifact.com/truth-o-meter/statements/2012/jun/28/rush-limbaugh/health-care-law-not-largest-tax-increase-us-histor/'][U]agrees[/U][/URL].) [B]1983: [/B]A law Reagan signed in 1983 aimed to keep Social Security afloat by increasing payroll taxes and taxing Social Security benefits for some high-earners. This cost $24.6 billion, or almost $50 billion in 2015 dollars, through 1988, according to an administration [URL='http://www.treasury.gov/resource-center/tax-policy/Documents/OTA-Rev-Effects-1940-present-3-1-2013.pdf'][U]estimate[/U][/URL]. [B]1984:[/B] The Deficit Reduction Act that Reagan signed rolled back part of the 1981 cut on buildings, Entin said, with the idea that Congress would enact spending cuts. "But many of those cuts were either never enacted or were later restored," Entin said. This led to $25 billion in tax receipts. Reagan also signed tax increases in 1985, 1986, 1987 and 1988 (as well as a couple other laws with revenue reductions). ""Reagan’s staff tallied up the effect of major legislation on tax receipts over his tenure for his final budget proposal ([URL='https://fraser.stlouisfed.org/docs/publications/usbudget/bus_1990.pdf'][U]page 4-4[/U][/URL]). The 1981 tax cuts comprised most of the total $275 billion in tax relief, but the other side of the ledger listed $133 billion in cumulative tax increases. "Thus,[B][SIZE=6] Reagan took back about half the 1981 tax cut with subsequent tax increases[/SIZE][/B]," Bartlett wrote."" Stay out of these discussions RB1 TOS. [/QUOTE]
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