posted on Aug, 25 2009 @ 06:19 PM
reply to post by earlywatcher
one friend told me the other day that the reason we have such a big deficit is because of the reagan tax cuts, that the country just can't afford for
the rich to pay so little in taxes. no mention of spending. just the REAGEN tax cuts. where did that whole belief come from? that if anyone earns a
lot, they shouldn't keep it but give it to the government to distribute.
I'll tackle the Reagan tax cuts. RTCs for short. RTCs were a landmark, monumentally important shift in US policy at the time. Reagen simply had the
foresight to see their need. Taxation had shifted too much in favor of the "Little Man" of FDR and away from the forms of production so that
taxation of "the Rich" (the source of income and investment) was slowing down the economy of the nation. FDR's take from the rich and give to the
common man had been in effect too long and was ripe for a fall.
The effectiveness of the RTC's spoke for themselves. Money began flowing again, the economy flourished and tax revinues increased many fold. The
country prospered again.
To say that RTCs are/were a bad policy is simply revisionism and although it has become Democratic party line and basic to "liberal think", they
can't change history. Liberals will always try to deny the truth about the RTCs because it benefits their big government, socialism, increase
taxation, redistribution agenda. But they can't change history, they can only try!