The biggest tax increase in US history was signed by Reagan in 1982

Discussion in 'Economics' started by bungrider, Apr 19, 2004.


    Treasury Tax Expert to Bush: Clinton's Increase WASN'T The Biggest.
    Study published by Bush's Treasury Department contradicts Bush's campaign.

    April 16, 2004


    In speeches and fundraising appeals the Bush campaign keeps making a distorted claim that Clinton 's 1993 tax increase -- supported by Kerry -- was "the biggest in history."

    Republicans have been repeating this gross overstatement for more than a decade, but now there's less justification for it than ever. The GOP claim is contradicted by a study published last year by the Office of Tax Analysis of Bush's own Treasury Department...

    ...In the period since 1968, the study said, "the Tax Equity and Fiscal Responsibility Act of 1982 was the biggest increase." That was the tax increase signed by Ronald Reagan, rescinding some of the effects of his huge tax cut passed the year before.

    That 1982 tax increase only slightly exceeded Clinton's in inflation-adjusted dollars ($37 billion a year vs.. $32 billion) but it was much bigger in relation to the size of the economy. The '82 increase amounted to 4.6% of GDP (average for the first two years) while Clinton's was 2.7%.

    (follow above link for the remainder of the article, with references and citations to US govt data sources, and Bush/Cheney statements)
  2. so clinton's was bigger in actual dollars, just not inflation adjusted or percentagewise? Considering the outrageous lies the Democrats regularly tell regarding the economy, such as "worst economy in 40 years", that sounds pretty accurate by the standards of politicla advertising.
  3. omcate


    I have not been paying much attention to tax increases by the Federal government. I do remember one thing:

    Before Reagan, the income of a graduate student working as teaching/research assistant at a US university is not taxable. Near the end of Reagan's presidency, it is. And it has been taxable since then:mad:
  4. damir00

    damir00 Guest

    in chunk-of-economy terms, how big was the FICA increase reagan signed into law 4 years after that?
  5. if all grad students lived off their meager stipend, i'd agree with you, but i think the point of income tax on the stipend is in case the grad student has other taxable sources of income...i.e., my brother in law is an econ phD student who gets pretty good $$$ doing consulting on the side. i don't know what his stipend is, but if it's 10k and he also makes another 30k doing consulting, is it right that he gets a free ride on the 10k just because he is a graduate student?
  6. For some Republicans it doesn't matter how bad thier heroes really are, they always bash the other guy.
  7. Tauvros


    Your effort to refute a point by switching to a totally irrelevant subject is worthy of those whose loyalty to this Admin. is greater than their loyalty to the nation.
    In fact, even if you did realize that a knife has been stuck in your back, I'm sure you would say "thank you".

    Now, get back to the mindless drivel on FOX!
  8. pspr


    Don't you mean the Democrats?

    Did you read about the little boy with the wagon full of puppies? As he pulled the wagon past his neighbor's porch the neighbor asked the little boy, 'what have you got there?'. To which the little boy said, 'I've got some Democrats'. The neighbor chuckled and just said, 'Well, OK.'

    A few days latter the little boy was pulling his wagon full of puppies past the neighbor's porch again and the neighbor asked, 'how are those Democrat puppies doing?' This time the little boy said, 'these aren't Democrats they're Republicans!'.

    The neighbor chuckled again and said, 'but a few days ago you said they were Democrats.' And the little boy smartly replied, 'yeah but now they have their eyes open!'.


  9. Phreedm


    Lets get back to economics 101. Only congress can increase our taxes by law.

    Speaker of the House Tip O'Neill made a deal with President Reagan that for every dollar congress approved as a tax increase, he'd (O'Neill) would cut spending by two dollars.
    But surprise, surprise the Dems didn't keep their part of the bargain.

    It appears Elite Trader has been infiltrated by the "hate mongers" from the

    Now if you want to see hate, just read some of their posts.

    By the way, VP Gore did manage to slip an "illegal" tax increase onto our telephone bills to wire all of the public schools with his invention called the "Internet".
  10. BSAM


    Ronald Wilson Reagan. The BEST president this country has ever had. Period. (And thank you for standing up when I mention that name.):cool:
    #10     Apr 19, 2004