No righties, not Obama, [u]YOUR[/u] messiah: Reagan.[quote][u]Two bills passed in 1982 and 1984 together constituted the biggest tax increase ever enacte..."/>
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REAL WORLD EVENT DISCUSSIONS
Your messiah raised taxes
Sunday, December 19, 2010 9:18 AM
NIKI2
Gettin' old, but still a hippie at heart...
Quote:Two bills passed in 1982 and 1984 together constituted the biggest tax increase ever enacted during peacetime. There were other notable tax increases under Reagan. In 1983, for example, he signed off on Social Security reform legislation that, among other things, accelerated an increase in the payroll tax rate and required the self-employed to pay the full payroll tax rate, rather than just the portion normally paid by employees.
Quote:The bills didn't raise more revenue by hiking individual income tax rates though. Instead they did it largely through making it tougher to evade taxes, and through "base broadening" -- that is, reducing various federal tax breaks and closing tax loopholes. For instance, more asset sales became taxable and tax-advantaged contributions and benefits under pension plans were further limited.
Sunday, December 19, 2010 9:51 AM
WHOZIT
Sunday, December 19, 2010 10:00 AM
AURAPTOR
America loves a winner!
Sunday, December 19, 2010 10:26 AM
KANEMAN
Quote:Originally posted by AURaptor: Niki. You disconnect w/ reality is well established. There's no need to further demonstrate to us. Whozie - Clinton is a rapist, not a rappist. Good grief. " I do not love the bright sword for its sharpness, nor the arrow for its swiftness, nor the warrior for his glory. I love only that which they defend. "
Sunday, December 19, 2010 10:33 AM
Quote:Originally posted by Niki2:That you righties hold up Reagan as a model of fiscal responsibility was shown to be false; you've done nothing to refute that, just thrown snarks. Unrelated to the subject.
Sunday, December 19, 2010 10:39 AM
Sunday, December 19, 2010 10:41 AM
Sunday, December 19, 2010 11:01 AM
Quote:"We saw jobs created, 22 million in the Clinton years," said Brown, a Democrat who’s not up for reelection until 2012. "Because they were responsible about cutting taxes selectively and increasing taxes selectively and they were responsible about what government programs they formed and they dismantled. Twenty-two million jobs created and incomes went up in those eight years for the average American. And in the next eight years, the eight Bush years, only 3 million jobs created and that wasn`t even enough to keep up with population growth." The quantitative claims seemed worth checking out, and in doing so we found a surprise: Brown is wrong – but not in a way he’ll likely mind. No fan of President George W. Bush, Brown grossly understated the poor job growth that occurred on Bush’s watch. The comparison should have been this: Job growth through Clinton two terms was 22.7 million. Through Bush’s two terms, it was 1.1 million. Brown isn’t alone in making this error. The Democratic Senatorial Campaign Committee used the 3 million figure in a news release on July 20 when trying to use Bush’s record on jobs as a weapon against one of his former top aides, Rob Portman. Portman is the Republican in the U.S. Senate race to succeed George Voinovich, who is retiring. Brown’s office wasn’t sure where the senator got his figures, but we did some tracing and concluded it probably came from a Wall Street Journal online story of Jan. 9, 2009. That’s where the Democratic committee says it got its numbers, too. The Wall Street Journal examined net job growth for more than half a century and declared that Bush had the "worst track record on record." That doesn’t mean it’s the worst ever. It’s just the worst since the Labor Department started keeping payroll records in 1939. Said the Journal: "The Bush administration created about three million jobs (net) over its eight years, a fraction of the 23 million jobs created under President Bill Clinton’s administration and only slightly better than President George H.W. Bush did in his four years in office." We wanted to look at those numbers ourselves, so we turned to the Department of Labor’s Bureau of Labor Statistics, or BLS. Getting guidance on the data from BLS and using Excel spreadsheets, we discovered not only that Brown and the Democrats have been wrong, but also why. It was a matter of timing. BLS had only preliminary data on Bush’s final performance at the close of his second term, when the Wall Street Journal was doing its story. BLS subsequently updated the data. It turned out that things were way worse than the preliminary numbers showed. We shared this assessment with the Journal reporter, who agreed. It’s not a matter of whose numbers were better. It’s a matter of what was known and when. You, too, can do the math. The jobs numbers are based on a monthly survey of employers for the 12th of each month, but the initial reports are revised as more employers complete their survey over the following couple of months. A fuller census of employment and wages is conducted quarterly and is considered more accurate, so BLS eventually adjusts the monthly numbers to reflect that accuracy. Here are the latest numbers: Number of jobs as of January, 1993, a week before Clinton took office: 109.725 million. Number of jobs as of Jan. 2001, a week before Clinton left office: 132.469 million Net Gain under Clinton: 22.7 million jobs. Now for Bush, who succeeded Clinton in the White House. As already noted, the nation had 132.469 million jobs as he was taking office. Number of jobs on Jan. 12, 2009, a week before Bush left office: 133.549 million. Net gain under Bush: 1.08 million jobs. OK, but what about Brown’s claim that incomes went up under Clinton? The numbers bear this out, too. BLS data, adjusted for inflation, show that average weekly wages grew by 21 percent from the start of Clinton’s first term to the end of his second term. They grew by only 2 percent under Bush’s two terms.
Quote:Reagan slashed taxes, job growth was stagnant. Things picked up after he was forced to raise taxes a bit higher. Since then, there's been job growth after income tax rate increases. Clinton raised taxes, the economy created 22 million jobs. Bush cut taxes, net job growth was flat.
Sunday, December 19, 2010 11:23 AM
THEHAPPYTRADER
Sunday, December 19, 2010 12:41 PM
Sunday, December 19, 2010 1:02 PM
Tuesday, December 21, 2010 8:20 AM
Quote:everyone complains about the public education that's barely getting any funding
Quote:that tax cuts and increases are the sole factors in what drives or stalls an economy
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