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<blockquote data-quote="Jagger" data-source="post: 473119" data-attributes="member: 16628"><p style="text-align: center"><span style="font-size: 12px">The Reagan tax cuts reduced tax revenues and increased the deficit</span></p> <p style="margin-left: 20px"><em>The [1981 Reagan] tax cut did not cause tax revenue to rise... tax revenue fell... </em></p> <p style="margin-left: 20px"><em></em></p> <p style="margin-left: 20px">--N. Gregory Mankiw, a head of George W. Bush's Council of Economic Advisers, in his 1998 book Principles of Economics (New York: Dryden. pp. 29-30, in the section "Thinking Like an Economist: Why Economists Disagree: Charlatans and Cranks")</p><p>Silly Supply-side advocates claim that Reagan's tax cut increased federal tax revenues. Thus the tax cuts payed for themselves; they were, in economics lingo, "self-funding." Some Fact Denying Republicans in office today treat this assertion as an article of faith. </p><p></p><p>What do economic researchers say?</p><p></p><p>They deny that the Reagan tax cuts were self-funding. True, tax revenues per person did increase in the 1980s, but that was not unusual - in fact, it was sub-par. <strong>After adjusting for inflation and population growth, tax revenues per person increased far less in the 1980s (18%) than they had in the 1970s (25%) or would in the 1990s (40%).</strong></p></blockquote><p></p>
[QUOTE="Jagger, post: 473119, member: 16628"] [CENTER][SIZE=3]The Reagan tax cuts reduced tax revenues and increased the deficit[/SIZE][/CENTER] [INDENT][I]The [1981 Reagan] tax cut did not cause tax revenue to rise... tax revenue fell... [/I] --N. Gregory Mankiw, a head of George W. Bush's Council of Economic Advisers, in his 1998 book Principles of Economics (New York: Dryden. pp. 29-30, in the section "Thinking Like an Economist: Why Economists Disagree: Charlatans and Cranks")[/INDENT]Silly Supply-side advocates claim that Reagan's tax cut increased federal tax revenues. Thus the tax cuts payed for themselves; they were, in economics lingo, "self-funding." Some Fact Denying Republicans in office today treat this assertion as an article of faith. What do economic researchers say? They deny that the Reagan tax cuts were self-funding. True, tax revenues per person did increase in the 1980s, but that was not unusual - in fact, it was sub-par. [B]After adjusting for inflation and population growth, tax revenues per person increased far less in the 1980s (18%) than they had in the 1970s (25%) or would in the 1990s (40%).[/B] [/QUOTE]
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