Bullchit Budgets
Looks like it's deja vu all over gain…
45's talking about tax cuts bigger than Reagan. Anybody remember Reagan's tax cuts? Reagan cut taxes across the board around 25%. But the deficit started exploding, so Reagan then raised taxes 11 times. But Reagan transferred the tax burden from the rich to the working man. Notice in the chart when America's wealth inequality started exploding? Wealth inequality isn't good for America. It's also good to know Ronald Reagan added $1.86 trillion to the debt, 186 percent increase in the $998 billion debt level at the end of Carter's last budget, FY 1981. That's a bullchit budget that is the largest percent debt increase of any president since Reagan
Both times the top marginal U.S. income tax rate was reduced below 50%, financial services regulations were relaxed beyond what was prudent. Together, those two policy matters were likely key contributors to the surges in U.S. income inequality and the closely associated 1929 Great Recession and the 2008 Great Recession (paraphrased from pg. 36-37, Rebooting the American Dream, Thom Hartman, 2010).
VisualizingEconomics: Comparing Income, Corporate, Capital Gains Tax Rates: 1916-2011