Politics
Out of context: Reply #13447
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- ukit0
This, from Wikipedia page on Reagan is all you really need to know:
http://en.wikipedia.org/wiki/Rea…
In 1981, Reagan significantly reduced the maximum tax rate, which affected the very wealthy, and lowered the top marginal tax rate from 70% to 50%; in 1986 he further reduced the rate to 28%.
As a result of all this, the budget deficit and federal debt increased considerably: debt grew from 33.3% of GDP in 1980 to 51.9% at the end of 1988 and the deficit increased from 2.7% in 1980 to more than double in 1983, when it reached 6%; in 1984, 1985 and 1986 it was around 5%.
In order to cover new federal budget deficits, the United States borrowed heavily both domestically and abroad, raising the national debt from $700 billion to $3 trillion, and the United States moved from being the world's largest international creditor to the world's largest debtor nation.
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There's really no ideological argument needed here, it's just simple math. Whenever I bring this up with conservatives, they respond with something to the effect of, well, I sure wish he had cut spending to pay for those tax cuts. Except guess what, he didn't!
The idea that we would move even more in that direction with more tax cuts...it's just insane...but that's exactly where we are headed. The Republicans' proposed plan, if they take back Congress, is going to add something like 4 TRILLION in debt.
http://www.rawstory.com/rs/2010/…
"The tax plan put forward this week by Republican leaders in Congress would add nearly $4 trillion to the national debt"
- The real tragedy here is that the Democrats can't seem to point this out effectively.luckyorphan
- or the mediaukit
- so spending is bad? and is that tax plan purely the loss revenue over the decade?********
- gov need to have a flat percentage tax and let it be. stay out of economics becuase the human mind cant plan for the variables********
- all the variables********
- taxes and spending just need to balance out, same as any business. common sense thereukit
- flat tax would be disastrous, wave goodbye to your kids futureukit
- "stay out of economics because the human mind cant plan for all the variables"
Wtf?Josev - oh yea flat tax would suck has to be a percentage. but tax system is so f'd up i dont know up from down********