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  • ray858945 ray858945 Nov 22, 2012 6:05 PM Flag

    The Math of Taxes

    con't from above ...

    Reagan cut tax rates and revenues went up. Here’s a dirty little secret: Reagan increased taxes more than a dozen times and doubled the tax on capital gains. Tax collections remained 18 percent of GDP, the same as the Kennedy-Johnson-Nixon-Ford years. Reagan’s deficits – 4.3 percent of GDP – were the highest in US history except World War II.

    Reagan deficits crossed $100 billion for the first time ever, then passed $200 billion, and almost reached $300 billion. President George H.W. Bush called the new math “voodoo economics” and courageously lost his presidency with a tax increase he believed necessary to reduce the deficits he inherited from Reagan.

    President Clinton raised taxes to 19 percent of GDP, generated the nation’s only four-year streak of surpluses . . . and created 23 million new jobs.

    President Bush, the W, cut taxes, increased spending, and didn’t pay for wars. The Great Recession and tax cuts reduced revenues to 15 percent of GDP. Deficits exploded to $450 billion and eventually hit $1.4 trillion in his last year, the highest ever. Bush W’s tax cuts generated one (yes, One!) million new jobs in eight years. That’s the new math.

    The Great Recession unemployment rate is half the Great Depression unemployment rate. The Great Depression took 12 years to recover. Today we expect the economy to recover in one year.

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    • Pretty funny Ray,

      You know I love you but your partisan "reporting" is almost as bad as the old Air America.(No, I stopped watching Fox News years ago, and yes conservatives have ready arguments to counter all of your talking points...so what is your point?).

      I'm still reading you Ray, but with a big smile, and a shake of my head. Dec 6th is over, you can relax, the Republicans have been driven back into their caves....and News Flash...the Democrats won the election..... ;-). We've had enough "partisan speak", IMO, on both sides, to last at least 4 more years.

      Best,

      DocReits

    • To cover current Federal expenders they would have to raise taxes to 24% of GDP. That is just federal taxes. The only other time it has been that high in the past was during WWII. Why do we need 6% of GDP more money ever since Obama was elected than we needed any other time in the past 50 years? Were we doing do bad before? Look what is happening to countries like Greece when they take such a large percentage of GDP out of their economies. The economy buckles and collapses and incomes for everyone plummet to where everyone suffers gravely. It would be one thing if there were no examples of this going on around us to observe so that we could be warned about what happens but that is not the case. Anyone who wants to know can see clearly what happens because there are examples of it happening right now. But you have to be willing to look and observe objectively. I know that may be asking a lot for some but really, it doesn't take all that much effort to just look at what is going on and recognize it for what it is.

    • YOU miss some major points in your zeal for the Messiah. FDR tried what they are doing again now....and it extended the Big Depression for a dozen years. Those that dont learn from history are doomed to repeat it. Wise up.

    • OK, all you GUYS! Let's have some fun with this... how about a survey about our situation, relative to politics...Like State we live in, our age, gender/ethic, party registration, our voting habits (always, usually, sometimes, never - vote), our voting history (sometimes vote repub, but usually dem, or whatever), basic demographics...embellish as you wish, but hit the basics...I think it will give us all a new basis for discussion...I wish the entire country could do this. I think it would really help with the stalemate, to learn how similar we probably are. The rhetoric is awful :) I know most of you will not be honest, but......here's mine:

      California

      62

      white female

      Not declared

      always vote
      mostly dem...I did vote for Reagan (x 2), I might have even voted for Nixon...not sure about that (I was very young at that time)... and the first GB and a few local repubs.

      small business owner - professional, Architect (Architects are consistently among the most "respected" professionals, in public opinion polls, but are not compensated commensurate with our impact on society. Sorry, just a little soap boxing, there...btw, there is no "architect's union". Which I think is really a good thing (paren within paren is probably not right, but (how's that, for a dem voter to say it's great that the union isn't involved in Architectural Practice?))))

      Married, two daughters, two grandchildren...getting close to retirement, but not yet...not wealthy, but comfortable. (I do live in California, after all :)

      I, certainly, am not sure about this, but I think we are all very close together on important issue...we are just letting passion get in the way of rationality....AND our ability to communicate is "not-so-hot".

      I'm probably going to regret this...Diva

    • Thanks for sharing Ray, I find this topic highly interesting.

      Sentiment: Strong Buy

 
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