Reply
Highlighted
Valued Social Butterfly
1
Kudos
220
Views

Re: 40 years of Republican tax cuts failed.

220 Views
Message 1 of 15

@KidBoy2 wrote:
Reaganomics was influenced by the trickle-down theory and supply-side economics. Under President Reagan's administration, marginal tax rates decreased, tax revenues increased, inflation decreased, and the unemployment rate fell.


Thanks to Reagan our country after the Carter administration got moving. The Reagan tax cuts worked. People that bash the Reagan tax cuts show they do not know how or care how they worked.


Why do trump supporters see things backwards? The result of Reaganomics has resulted in the largest income and wealth disparity that America has experienced since the 1700's.


Democrats in 2020
Report Inappropriate Content
1
Kudos
220
Views
Highlighted
Valued Social Butterfly
1
Kudos
224
Views

Re: 40 years of Republican tax cuts failed.

224 Views
Message 2 of 15

@KidBoy2 wrote:
Reaganomics was influenced by the trickle-down theory and supply-side economics. Under President Reagan's administration, marginal tax rates decreased, tax revenues increased, inflation decreased, and the unemployment rate fell.


Thanks to Reagan our country after the Carter administration got moving. The Reagan tax cuts worked. People that bash the Reagan tax cuts show they do not know how or care how they worked.


LIES! Reagan only cut taxes for the top 1% who paid 60% of their former share while the Average Worker paid 40% MORE because of all the deductions Reagan eliminated.

 

INCOME tax Revenue did not return to 1980 levels until 1998. What Reagan did was increase SOCIAL SECURITY TAXES and count the surplus as tax revenue to hide the fact his scam was costing the Government BILLIONS.

 

Infaltion during Reagan's two terms was HIGHER than it had been under Carter who inherited a rolling disaster from LBJ and Nixon who both had just printed money to finance the needless war in Vietnam. All the money wasted on Viet Nam produced mountains of war material but ZERO consumer goods, and put hundreds of billions into circulation where it "bid up" the price of EVERYTHING WE COULD BUY.

 

Republicans love Reagan and support tRump because they have no idea what they really did and are still doing to screw over the middle class.

Report Inappropriate Content
1
Kudos
224
Views
Highlighted
Valued Social Butterfly
0
Kudos
247
Views

Re: 40 years of Republican tax cuts failed.

247 Views
Message 3 of 15
Reaganomics was influenced by the trickle-down theory and supply-side economics. Under President Reagan's administration, marginal tax rates decreased, tax revenues increased, inflation decreased, and the unemployment rate fell.


Thanks to Reagan our country after the Carter administration got moving. The Reagan tax cuts worked. People that bash the Reagan tax cuts show they do not know how or care how they worked.

Report Inappropriate Content
0
Kudos
247
Views
Highlighted
Valued Social Butterfly
2
Kudos
319
Views

Re: 40 years of Republican tax cuts failed.

319 Views
Message 4 of 15

@jimc91 wrote:

Best employment numbers in 60 years, sounds like success to me.

 

Greatest divide between the wealthy and ALL other Americans.

 

Sounds like a catastrophic failure to all informed, rational Americans!

DUMP TRUMP AND DITCH MITCH TO MAKE AMERICA GREAT AGAIN!!!
Report Inappropriate Content
2
Kudos
319
Views
Highlighted
Valued Social Butterfly
3
Kudos
345
Views

Re: 40 years of Republican tax cuts failed.

345 Views
Message 5 of 15

The Reagan tax scam slashed taxes for the rich and raised them for the bottom 90%. Repealing the Reaganscam WILL provide all the revenue necessary for Universal health care AND free education AND rebuilding our infrastructure.

 

Here's how this works, using figures for AIG from 2016 IF we had repealed the Reagan taxscam and returned to the 1980 tax rates, adjusted for inflation, and everyone filed as “married, filing jointly”. The AIG figures include the Standard Deduction of $12,400 and personal/dependent deductions of $4,050. this would give the average (2.4 person) household deductions of at least $22,120.00 This makes the AGI for the average worker making $58,000 no more than $35,880 and total taxes owed $4,390 for an effective tax rate of 7.57% of income. How’s that compare with what you actually paid in 2016?

 

Under the Reaganscam,  and subsiquent Republican scam "adjustments", the   amount collected in 2016 was only $1,444,098,882,000. The 1980 rates would’ve brought in an additional $2,178,468,564,000, erasing the deficit and leaving $1.8Trillion for Revenue Sharing and improving our infrastructure – that’s about TWICE the amount collected for State and local Income taxes, so the funds available for your local services will DOUBLE while the State and Local taxes you now pay go away.

 

 

 

Tax Rate   at least     less than       TOT AGI $K      Effec Rate         REVENUE $K

0.00             $1           $ 10,000          113,O14,218            0.00%                          - 0 -

14.00%     $ 10,000    $ 15,500           206,870,139           4.97%                10,276,775

16.00%     $ 15.500    $ 21,500           225.970,139           8.05%                18,159,087

18.00%     $ 21,500    $ 33,500           563,322,746         11.61%                65,421,701

21.00%     $ 33,500    $ 44,500           558,642,262         13.93%                77,833,304

24.00%     $ 44,500    $ 56,500           598,252,632         16.07%                96,143,963

28.00%     $ 56,500    $ 68,500           588,796,617         18,18%              106.928.904

32.00%     $ 68,500    $ 83,500           699,681,553          20.65%             144,461,197

37.00%     $ 83,500   $100,000           739,103,041          23.35%             172,543,605

43.00%    $100,000   $128,000           694,450,794          27.64%             191,977,667

49.00%    $128,000   $167,000           967,270,748          32.63%             315,637,242

54.00%    $167,000   $239,000       1,163,326,551           39.07%             454,500,488

59.00%    $239,000   $305,000          339,719.423           43.38%             147,376,969

64.00%    $305,000   $452,000          759,221,438           50.10%             380,390,913

68.00%    $452,000   $600,000          433,081,496           54.50%             236,040,242

70.00%   $600,000 and up              1,845,434,813           65.29%          1,204,884,389

 

TOTAL REVENUE COLLECTED $3,622,567,446

 

 

This is everyone paying the same Federal Income Taxs THEY PAID IN 1980! No problem then, no problem now. Do not let the GOPerLords con you into thinking what was happening in 1980 was SOCIALISM or some other scarey thing - it was common sense and we need more of that now.

Report Inappropriate Content
3
Kudos
345
Views
Highlighted
Valued Social Butterfly
1
Kudos
368
Views

Re: 40 years of Republican tax cuts failed.

368 Views
Message 6 of 15

Since the Reagan scams, trickle down only seems to apply if someone relieves themselves on your leg!...otherwise it should be termed “trickle up” economics due to a great portion of tax benefits and money flowing uphill to the wealthiest. 

 

As far as other trump talking points, the first is how great the stock market is? If only 50% of Citizens own stock, how are the other 50% doing. Aren’t all Citizens suppose to benefit, or with the repub plan, only half are suppose to prosper?

And for unemployment being so low, how many of the jobs pay living wages, and can workers afford retirement plans, college, healthcare, or even vacations?

There are also approx 5% that work 2-3 jobs. And as stated, how many jobs are full time?

And wages rising? How much...and are

they factored with rising costs and inflation?

If tax cuts are suppose to float boats, it might just only be in a small section of the monetary ocean. 

Report Inappropriate Content
1
Kudos
368
Views
Valued Social Butterfly
4
Kudos
383
Views

Re: 40 years of Republican tax cuts failed.

383 Views
Message 7 of 15

People are employed  but not in full time jobs.  Employers hire 2 partime people so they don't pay benefits.  So if you count two people for one it appears more people are being hired.  Employment figures look good and the companes save money for Republics that the best part.  

Perhaps you should dig a little deeper.   

Report Inappropriate Content
4
Kudos
383
Views
Highlighted
Treasured Social Butterfly
5
Kudos
406
Views

Re: 40 years of Republican tax cuts failed.

406 Views
Message 8 of 15

@jimc91 wrote:

Best employment numbers in 60 years, sounds like success to me.

 

Good luck trying to spin this as something bad, but hey it’s the dimm way I suppose.

 

Enjoy your day folks, it’s a great day on the road.

 

 


If your only metric is number of crappy jobs, by all means, keep running up  those deficits. If economic mobility, economic equality, and a working infrastructure are also in your metrics, you need to vote out the Republicans. 

Report Inappropriate Content
5
Kudos
406
Views
Highlighted
Valued Social Butterfly
3
Kudos
437
Views

Re: 40 years of Republican tax cuts failed.

437 Views
Message 9 of 15

@jimc91 wrote:

Best employment numbers in 60 years, sounds like success to me.

 

Good luck trying to spin this as something bad, but hey it’s the dimm way I suppose.

 

Enjoy your day folks, it’s a great day on the road.

 

 


Good luck with trying to "spin this" with just unemployment numbers. When trump wasn't in office the radical right said that unemployment numbers didn't mean anything, they didn't show everyone that had fell off of the unemployment roles. Looking only at unemployment numbers is a narrow minded and inaccurate way of measuring our economy.


Democrats in 2020
Report Inappropriate Content
3
Kudos
437
Views
Highlighted
Valued Social Butterfly
2
Kudos
442
Views

Re: 40 years of Republican tax cuts failed.

442 Views
Message 10 of 15

Unemployment rates consider ONLY those looking for work. Since us Boomers are leaving the workforce in record numbers, the participation rate is declining, leading to a decline in the unemployment rate.

 

The REALITY is that REAL WAGES - wages adjusted for inflation - are STAGNANT for the bottom 90%. The apparent income increase is being caused by inflation, not an improving lifestyle, AND changing the computation method from a Paredo distribution for incomes above poverty to a linear distribution. This falsly assumes the income within a income quintile is evenly distributed when in reality the highest quintile has a significant concentration of income at the top.

 

Yep, more people working, but working for LESS, which is good news for the Corporate Oligarchs who pay less for labor, not so hot for the folks working more hours for less pay.

Report Inappropriate Content
2
Kudos
442
Views
cancel
Showing results for 
Search instead for 
Did you mean: 
Users
Top Authors