Posted on 03/10/2023 10:14:43 AM PST by Brown Deer
"When we talk about 28% tax rate — Ronald Reagan was 28% tax rate — you know, that wacko liberal guy, the idea that that's an unreasonable amount…" Biden said during his Friday remarks.
(Excerpt) Read more at businessinsider.com ...
And Jo Jo Bidit is a lyin’ biatch.
Higher corporate taxes are DOA in the GOP House but they are a talking point for political speeches to enrage Democrat voters.
He’s an f’n vegetable.
Even if true, that was 40 years ago when we weren’t competing against China. Communist China has a lower corporate income tax rate than the US will have if Biden’s proposal passes.
Commie Joe Biden’s corporate income tax rate is higher than Communist China’s.
Does anyone know what the rate was under Carter?
Reagan’s tax rate included regular reductions...
Ronald Reagan took the Presidency in a time of severe economic recession and high inflation. Those things cannot be refuted. He did decrease personal income tax, capital gains.
“During the Reagan administration, fiscal year federal receipts grew from $599 billion to $991 billion (an increase of 65%) while fiscal year federal outlays grew from $678 billion to $1144 billion (an increase of 69%).”
So Reagan decreased taxes, but dramatically increased Tax Revenue. This happened because Taxes were so high that they were damaging the economy and the number of transactions/investments. Laffer Curve explains this to those who have trouble understanding the concept.
The simple question for Joe Biden should be where on the Laffer Curve is the current tax structure. If he believes that the Nation is undertaxed, and raising taxes during a time of economic stagnation, inflation, and gross deficit spending is a better at raising tax revenue they he should state said belief. Simultaneously, he should explain why raising taxes on only some people makes sense if the nation is undertaxed.
I call bulls&it on his plan, and call it what it really is. It’s another attempt to divide the American People into camps so they don’t recognize that the primary problem is government overspending and deficit spending, that is destroying their buying power, currency, and children’s futures.
Reagan decreased capital gains from 28% to 20% in 1981 and then put it back up to 28% in 1986. So, overall, he did not increase the capital gains rate. At the same time he reduced personal income tax rates from 70% on the high end down to 28% and 14% on the lower end to 11%. Slow Joe can suck a lemon.
He also told us gasoline prices were higher when he took office than they are now.
It would be interesting to hear what Art Laffer has to say about what really occurred and the advice he gave Reagan.
Like many stories of the good guy (us) holding back anger, letting the slimy punk taunt and taunt.
Then a line gets crossed.
https://www.youtube.com/watch?v=gt15-Urzd88
https://www.youtube.com/watch?v=L53zg4oZJCQ
The corporate income tax rate (and the individual income tax rate) was 0% over most of US History.
Much higher than under Reagan. They also had a retained earnings tax I believe.
The point is Biden is RAISING taxes which ultimately raise costs for guess whom? Us! The schmucks that can’t afford it-—next up, taxing the crap out of small businesses.
BTW, they had 2 years to overturn the Trump tax cuts but they didn’t....why? We all know why.
Reagan cut the rate and Bush 2 cut it again.
No he wasn't, nor has any republican president been concerned about such things.
They have used massive government spending to cover for the outsourcing of jobs, global wage arbitrage and the influx of legal/illegal immigration.
The idea that r's or d's care about the debt and the deficits is a joke. We have had a credit card economy for decades, all subsidized by .gov and nobody wants to make the cuts. Gen x, y, z etc will suffer from this reckless onslaught of spending.
A duplicitous disingenuous POS. The rate may been higher but there were many deductions that have been removed.
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