The Talbot GOP Leader's Fantasy
September 09, 2011 at 1:12 PM
By STEVE BAILEY
Nicholas Panuzio's recent fantasy (9-9-11 in the Star Democrat) about "making a boom happen again" included a gross distortion of Ronald Reagan's record. Reagan did cut taxes, but he also made many more forms of income taxable, including some Social Security income, increased the payroll (FICA) tax rate and increased FICA taxes on the self-employed. Reagan tax initiatives in 1982 and 1984 together are considered the biggest tax increase ever during peacetime.
Why did he do this? Because his tax cuts caused the annual deficit and thus the national debt to soar. As it was, the national debt was greater when he left office than when he entered.
I would like Mr. Panuzio in his October column to discuss the Bill Clinton tax increases. Did they hamstring the "job creators"? No. The economy boomed. Did Clinton deepen deficit spending? No. In fact, there was talk of a world in which U.S. Treasury notes would no longer be issued because the U.S. would stop borrowing. What happened to that world? Oh, yes. The Bush tax cuts.
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Posted by
Carole Curtis
on
Sep 9th, 2011
For some reason the Republicans seem to have memory loss when it comes to history and the facts. Leave a Reply
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