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Title: GOP Can’t Handle The Truth: Taxes Are Lower Under Obama Than Reagan
Source:
THINKPROGRESS
URL Source: http://thinkprogress.org/economy/20 ... /01/233526/taxes-lower-reagan/
Published: Jun 7, 2011
Author: Pat Garofalo
Post Date: 2011-06-07 20:35:51 by Brian S
Keywords: None
Views: 8382
Comments: 18
President Obama met with House Republicans today at the White House to discuss ways to move forward on negotiations regarding the nation’s debt ceiling and the budget. During the discussion, talk evidently turned to taxes, and when Obama noted that taxes today are lower than they were under President Reagan, the GOP, according to The Hill, “engaged in a lot of ‘eye-rolling’“: Republicans attending a White House meeting on Wednesday didn’t take kindly to President Obama telling them tax rates were higher during the Reagan administration. GOP members engaged in a lot of “eye-rolling,” according to a member who was on hand to hear Obama, who invited House Republicans to the White House for discussions on the debt ceiling. [...] “[The President] made a comment like the tax rate is the lightest, even more than (under former President) Reagan,” Rep. Lee Terry (R-Neb.) told The Hill following the meeting. House Oversight and Government Reform Committee Chairman Darrell Issa (R-Calif.) joked that during the meeting, “We learned we had the lowest tax rates in history … lower than Reagan!” That House Republicans find this preposterous is symptomatic of the hold Reagan mythology has over them. After all, for seven of Reagan’s eight years in office, the top tax rate was higher than the current 35 percent. In six of those years, it was 50 percent or more. And every year that Regan was in office, the bottom tax bracket was higher than the current ten percent. For a family of four, the “average income tax rate under Reagan in 1983 was 11.06 percent. Under Clinton in 1992, it was 9.18 percent. And under Obama in 2010, it was 4.68 percent.” During Reagan’s time, income tax revenue ranged from 7.8 to 9.4 percent of GDP. Last year, it was 6.2 percent and is not projected to climb back to 9 percent until 2016. In fact, in 2009, Americans paid their lowest taxes in 60 years. Republicans are very fond of saying that the U.S. has “a spending problem, not a revenue problem.” But the truth is that revenue has plunged due to the recession and to continued misguided tax cuts, and revenue needs to be raised to eventually bring the budget into balance. And Reagan knew that taxes were an important part of the budget equation. After all, he “raised taxes in seven of his eight years in office,” including four times in just two years.
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#1. To: Brian S (#0)
Back to WhiteSands-style hit-and-run posting, huh BriBri?
war has to do something for entertainment. The voices in his head aren't speaking to him and his imaginary friends have found reasons not to come over anymore.
ROTFLMMFAO...........
"I love the 45 caliber M1911, I respect the 9MM M9 Beretta but I only carry a CZ for my own personal protection". Quote courtesy of Lt Col John Dean Cooper, recognized as the Father of Modern Handgunning
This is a false debate and I am really sick of it. Democrats are screaming that tax revenues are low by historic standards, yet our rates are higher than the 1980s, when tax revenues were higher. Republicans are screaming that we have the highest corporate tax rates in the world, yet a whole bunch of politically connected companies pay very little to no taxes. On top of that half the people in the country don't pay any income tax (although they do pay payroll taxes). The real problem is the tax system is so screwed up that no knows what the hell is going on. We need a tax system that looks like it was purposefully designed. Since WII, average tax collections were 18% of GDP. The top 1% paid an average of 25%. So, let's eliminate the payroll tax, eliminate all deductions, and put a flax tax of 15% or so on the first $1 million in income and 25% on every dollar earned over $1 million. This will solve all kinds of problems. It will raise the revenue needed to meet historic revenue levels, it will save the country hundreds of billions of dollars in tax preparation fees, and it will create an economic boom because we'll have a simple, low rate system which enables people to plan and take risks. Obama's deficit commission proposed something just like this, but they didn't get rid of the payroll tax and they had a top tax rate of only 23%. Unfortunately, Obama refused to provide leadership and endorse their program.
Do states still get to run their own separate income tax systems?
Why wouldn't they? Many states don't have an income.
Because one of the attractions of a flat tax is the elimination of the detailed record keeping needed now. If states can still impose their own systems that advantage goes away. If I still have to calculate a federal tax, a state tax, and a local tax I fail to see what the advantage of a flat tax is. For all I know my tax bill would increase under such a plan. Certainly I'm not going to save any money on tax preparation.
The current federal tax code is 8,000 pages. 8,000. It cost Americans more to figure our taxes than it cost to run General Motors, Ford, and Chrysler combine. The system we have is unproductive. It's also unfair given that companies with large lobbying efforts can get Congress to write targeted dedications which allows them to pay little to no taxes, while smaller companies get stuck with the highest rates in the world. Everyone with at least two brain cells from Jerry Brown to Rand Paul to Obama's Debt Commission knows that the current tax code needs to be flushed. Yet, every year since 1988 it's gotten worse.
Well you know what in a way this story is true, less people are paying taxes because "THEY ARE UNEMPLOYED", Democrat voters or cronies of the administration...
"I love the 45 caliber M1911, I respect the 9MM M9 Beretta but I only carry a CZ for my own personal protection". Quote courtesy of Lt Col John Dean Cooper, recognized as the Father of Modern Handgunning
That's just not true. ...when tax revenues were higher. Claiming that revenues were higher in the 1980's is like claming that Willie Shoemaker is taller than LeBron...
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" Challenge. Most Americans don't itemize and claim the standard deduction.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" Sorry the above was for you...
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" Of course it is. But the ugly truth is the Leftwingers don't have much choice. Seriously, what are they going to do? Be honest? The economic policies failed. The so called 'stimulus' FAILED. International policy? WHAT international policy? The war in Afghanistan? Nope, lost more troops on Owe-bama's watch in less than three years than in seven under Bush. Gitmo? lmao. Rendition? lmao. So, we get this kind of bullshit, in place of reality from our leftwingnut friends. Expect it to continue through Owe-bama's termination for cause next year. The only real question, just as it was under Carter at this point, was how much more damage this nation will suffer before we fire Owe-bama in a landslide.
Proxy IP's are amusing.....lmao
on what do you base this claim? Sounds good, though I'd still rather see a consumption tax. I don't think income should be taxed.
"Thats because your basically and idiot." It takes me about 3 hours to do my taxes, and I spend about $40 a year for TurboTax. I think you are exaggerating here.
"Thats because your basically and idiot." We have out taxes done but only because the S Corp activity requires constant accounting during the year...
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" I posted an article a couple of weeks ago about this.... If I remember right it costs the American people somewhere around $370 billion per year to do their taxes.......
"I love the 45 caliber M1911, I respect the 9MM M9 Beretta but I only carry a CZ for my own personal protection". Quote courtesy of Lt Col John Dean Cooper, recognized as the Father of Modern Handgunning
That tells me all I need to know about your extremely limited perspective about the world around you. Namely that: A.) You don't own a business B.) You aren't upper middle class enough to be forced into the alternative minimum tax (but it will get to you soon) People who own businesses plan for taxes all years round. People who run medium to large businesses have a STAFF of accountants working year round to figure it out. People who run really large businesses have an ARMY of accounts and tax lawyers on staff and on contract to do everything possible to use the law to pay as little as possible. Yes, I know -- this is just another leftist jobs programs for lawyers and accountants. No thanks, we need to focus on inventing, creating and building things. It costs $600 BILLION dollars a year to figure out taxes in America. This is one of the major thing that makes American uncompetitive in the world. Here's what I don't get. You are kind of a smart guy. Yet, you try to tell us how your lowly financial position is as an example of why the 8,000 page tax code is not harmful to the country. I don't get it. Maybe you are not that smart of a guy after all. I think you are, but maybe not. What is certain from your post is that you don't have the perspective to even form an opinion on this.
B.) You aren't upper middle class enough to be forced into the alternative minimum tax (it will get to you soon) LOL. It takes several days to get mine all together. And I don't have my own business, yet. :-P
List of those unable to think: Bumper sticker on DwarF's car:
#2. To: Brian S (#0)
And under Obama in 2010, it was 4.68 percent.”
#3. To: Brian S, capitalist eric, go65 (#0)
(Edited)
"Everything that can be invented has been invented."-- Charles Duell, Commissioner of US Patent Office, 1899
#4. To: jwpegler (#3)
So, let's eliminate the payroll tax, eliminate all deductions, and put a flax tax of 15% or so on the first $1 million in income and 25% on every dollar earned over $1 million.
#5. To: Skip Intro (#4)
Do states still get to run their own separate income tax systems?
"Everything that can be invented has been invented."-- Charles Duell, Commissioner of US Patent Office, 1899
#6. To: jwpegler (#5)
Why wouldn't they?
#7. To: Skip Intro (#6)
If I still have to calculate a federal tax, a state tax, and a local tax I fail to see what the advantage of a flat tax is
"Everything that can be invented has been invented."-- Charles Duell, Commissioner of US Patent Office, 1899
#8. To: Brian S (#0)
#9. To: jwpegler (#3)
...yet our rates are higher than the 1980s...
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#10. To: CZ82 (#8)
It cost Americans more to figure our taxes than it cost to run General Motors, Ford, and Chrysler combine.
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#11. To: jwpegler (#10)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#12. To: jwpegler (#3)
This is a false debate and I am really sick of it.
#13. To: jwpegler (#3)
yet our rates are higher than the 1980s
The real problem is the tax system is so screwed up that no knows what the hell is going on.
We need a tax system that looks like it was purposefully designed.
Since WII, average tax collections were 18% of GDP. The top 1% paid an average of 25%.
So, let's eliminate the payroll tax, eliminate all deductions, and put a flax tax of 15% or so on the first $1 million in income and 25% on every dollar earned over $1 million.
Badeye posted on 2011-04-29 10:30:22 ET
#14. To: jwpegler (#7)
It cost Americans more to figure our taxes than it cost to run General Motors, Ford, and Chrysler combine.
Badeye posted on 2011-04-29 10:30:22 ET
#15. To: go65 (#14)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#16. To: war (#10)
It cost Americans more to figure our taxes than it cost to run General Motors, Ford, and Chrysler combine.
#17. To: go65, capitalist eric (#14)
(Edited)
It takes me about 3 hours to do my taxes, and I spend about $40 a year for TurboTax.
"Everything that can be invented has been invented."-- Charles Duell, Commissioner of US Patent Office, 1899
#18. To: jwpegler (#17)
A.) You don't own a business
mcgowanjm, ferret mike, skippy, fartboy/yukko, white sands, bucky, lucys idiot mom, e_type_jackoff, go56, badlie, wreck, calCON, mininggold, war, Banjo Boris, Biff, Godwinson and meguro. If you're on the above list, you're too fucking stupid to hold a real conversation.
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