Originally Posted by
MichaelP
For the original topic, I'd refuse to vote if those were the only 2 choices.
Actually if you would check instead of accepting the political spin at face value, the revenue increase didn't come from the tax cut in 1981 but from the successive tax increases of 1982, 1983, 1984, 1985, 1986 and 1987. The first tax hike on 1982 actually canceled roughly 1/3 of the 1981 tax cuts. For the average "American family with kids", the tax burden in FY1988 was larger than in FY1980.
In 1982 alone, he signed into law not one but two major tax increases. The Tax Equity and Fiscal Responsibility Act raised taxes by $37.5 billion per year, and the Highway Revenue Act of 1982 raised the gasoline tax by another $3.3 billion
In 1983, Reagan signed legislation raising the Social Security tax rate. This is a tax increase that lives with us still, since it initiated automatic increases in the taxable wage base. As a consequence, those with moderately high earnings see their payroll taxes rise every single year.
The following year, Reagan signed another big tax increase in the Deficit Reduction Act of 1984. This raised taxes by $18 billion per year or 0.4 percent of GDP.
The Consolidated Omnibus Budget Reconciliation Act of 1985 raised taxes yet again.
Even the Tax Reform Act of 1986, which was designed to be revenue-neutral, contained a net tax increase in its first two years.
And the Omnibus Budget Reconciliation Act of 1987 raised taxes still more.
The year 1988 appears to be the only year of the Reagan presidency, other than the first, in which taxes were not raised legislatively. Of course, previous tax increases remained in effect. According to a table in the 1990 budget, the net effect of all these tax increases was to raise taxes by $164 billion in 1992, or 2.6 percent of GDP.
As opposed to the fiscal responsibility displayed under the GOP supra-majority between 2001 and 2006? In 2001, when the debt was getting close to $5.6T, the future estimation was $6.5T on Jan 2009. Instead it was at $10.7T.
As I said on the other subject on political affiliation, fiscal conservatism is about not spending money you don't have... increasing spending while reducing tax income isn't fiscal conservatism.