Wednesday, January 16, 2013
Thom Hartmann Show: Video: American History: Caller: President Reagan Exponentially Increased Revenue: The Truth Of The Reagan Tax Cuts
I give President Reagan credit for the economy turning around under his watch but this idea that his tax cuts alone did it. When he raised taxes something like ten times post 1981 after the Kemp-Roth 1981 Economic Recovery Act or whatever it was called. Trust me I'm close, is bogus the tax cuts had an effect because our tax rates were simply too high. Ranging from I believe 20-70% at that point, still lower then they were under President Eisenhower but still very high. Especially considering were we are now so tax cuts did put more money in peoples wallets but so did all of. Those jobs in the defense industry and public sector as a result of the massive buildup of the defense department. To finish off the Cold War and as a result of the unemployment went down, more people working, spending money paying taxes. Less people on public assistance and trillions of dollars going to the Federal Government not to pay down the debt or deficit. But to spend more money on government programs and as much as President Reagan claimed to be a limited government. Conservative and he was to the extent that he believed in individual freedom and keeping government out of our lives. He grew the Federal Government massively as President.