Voodoo That I Don't Do
Courtesy of The Rachel Maddow Show last evening:
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Strange! I have never thought
Strange! I have never thought that I don't need to pay for tax cuts, voodoo, really a voodoo!
Maddow can talk off all she
Maddow can talk off all she wants, but if you look at the actual figures from the Reagan Administration, tax revenues increased from the top 1%, 5%, & 10%, while tax cuts occurred for all those parties. Additionally, the bottom 50% paid an increasingly smaller share of the federal revenues. By 1989, tax revenues increased by 54% since the Reagan tax cuts in 1983. http://www.house.gov/jec/fiscal/tx-grwth/reagtxct/fig-1.gif http://www.heritage.org/Research/Reports/2003/08/The-Historical-Lessons-...
Jacob, you're illustrating
Jacob, you're illustrating why people are duped into believing in VooDoo economics. Tax revenue would have increased more had their not been a tax cut.
You're apparently giving all the credit for economic growth to a tax cut. There was also an interest rate cut, an increase in population, an increase in productivity, etc...
Also, Reagan raised taxes 6 of the 8 years he was in office. His 82 tax hike was the largest since 1968.
http://www.factcheck.org/treasury_tax_expert_to_bush_clintons_increase.html
"The '82 increase amounted to 0.8% of GDP (average for the first two years) while Clinton's was 0.5%."
All Hail Bruce Bartlett
Andrew:
Here's an FYI for ya. Try and you'll see I'm right.
I used Lexis-Nexis to go back to the Spring of 2001 to see which of any pundits at the time correctly predicted what the state of affairs would be in 2010 when the Bush Tax Cut budget scam came to pass on Dec 31, 2010.
Paul Krugman, as might be expected, wrote one full piece on it in Slate, but Bruce and only Bruce hammered the subject consistently and repeatedly, in his BusinessWeek column at the time.