Tuesday, January 03, 2012

Debunking: The fact-free world of Reagan myth making

I knew when I read the title of this guys earlier post: "Krugman nails it, for the millionth time!", it would be easy to blow this idiot out of the water....

Reagan agreed to a compromise which included raising taxes in exchange for the democrats reducing some spending.  In typical democrat style, the taxes were implemented, but the spending cuts never materialized.  The truth is in the congressional record, should you care to do the research instead of trying to rewrite history.

When Reagan took office in 1980, there were 16 tax brackets ranging from 0% ($3,400 or less) to 70% ($215,400).  When Reagan left office in 1988 there were 2 brackets: 15% (income up to $29,750) and 28% for income over $29,750).  Coincidentally, revenues increased from $517.1 billion to $909.2 billion.  Sadly, the democrat controlled congress spent at an even faster rate (from a -$73.8 billion dollar deficit in 1980 to -$221.2 billion dollar deficit in 1986).

Facts really are stubborn things.

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