On Saturday's Cavuto on Business (8/4/12), Charles Gasparino wrongly said about the 1981 Reagan tax cuts: "Tax revenues went up after the Reagan tax cuts." Guest host Charles Payne did not correct him, even after panelist Ben Stein tried to.
Ben Stein, a Republican, strenuously disagreed. “He raised taxes from ‘82 ‘til his last month in office.”
Gasparino said, “We can debate which came first, did the revenues increase because they raised taxes or did revenues increase because...there’s no definitive study.”
Stein stuck to his guns. “There was not a revenue increase… Charlie, this is well known”
Guest host Charles Payne stepped in to praise Reagan, Fox’s patron saint. “We do know that the nation went on a strong string of amazing economic prosperity year after year after year after year while Reagan cut taxes.”
Stein continued to argue,”That is not true, that is not true, that is simply not true.”
Gasparaino pretty much ignored Stein. He said, “The 80s were horrible, the 90s were horrible.”
Stein said,”The 80s were fine after the first couple of years. The first couple of years of Reagan were terrible.
”What do you want? He inherited all of Carter’s nonsense. …Interest rates were sky high,” Gasparino said.
”Volcker was the star. The star was Volcker,” Stein said.
In a detailed post with authoritative links and graphics, economicdataus.com lays out proof that the Reagan 1981 tax cuts decreased revenues over what they would’ve been.
Also, the 90s were not exactly horrible. Almost 22 million jobs were created during Clinton’s presidency – about 21 million more than during George W. Bush’s presidency.
“*During the eight years Mr. Reagan was President, the Federal debt increased by 275%+.
How come that never gets mentioned?*"
And here’s another thing that NEVER, EVER gets mentioned about the Reagan years: while income taxes were getting SLASHED TO THE BONE for rich folks, PAYROLL TAXES WERE SKYROCKETING INTO OUTER SPACE! Remember: rich folks DO NOT pay payroll taxes EVERY SINGLE WEEK OF THE YEAR like 94% of Americans (including me). Keep in mind: only the first $106,800 of WAGE INCOME — AND ONLY WAGE INCOME — is subject to payroll taxes. Income from dividends and capital gains — two of the principal income sources for most rich folks — is 100% EXEMPT FROM PAYROLL TAXES.
Of course, that’s SOP for FoxNoise.
How come that never gets mentioned?*
Same reason they don’t mention the following:
“The presidency of Ronald Reagan in the United States was marked by multiple scandals, resulting in the investigation, indictment, or conviction of over 138 administration officials, the largest number for any US president.”
How come that never gets mentioned?
Under President Reagan the AMT was instituted.
And the 1986 tax act was the largest income tax in American history – at least since the tax was first introduced during the Civil War, or brought back (with heavy Republican support, by the way, in 1910).
taxes always went down, revenues always went up, Repugs shit gold bricks and the sun always shined. And everyone lived happily ever after, at least until Clinton became President.