Gloom and Doom at the Conference

[Bob Owens]

Considering that tax rates are going to jump up to where they were in the Reagan years (which was actually a cut from where they were in the Carter years), you're a fool if you really believe all the campaign promise rhetoric.

The Reagan "Tax Cut" was only for the rich. While all the rates went down Reagan eliminated most of the write offs that working families could use and he even raised the threshold for deducting medical expenses up to 6 or 7% of income. So most working class families ended up paying more even though the rate was cut slightly. The rich got massive tax cuts that more than made up for the loss of tax deductions.

The loss of these write offs really hit working families hard, and are especially burdensome now when credit card debt loads carried by working class families are at an all time high.

 

[xmarlin]

Considering that tax rates are going to jump up to where they were in the Reagan years (which was actually a cut from where they were in the Carter years), you're a fool if you really believe all the campaign promise rhetoric.

Nice try but David Kamerschen never wrote your quote...

http://davidk.myweb.uga.edu/

"Complete vitae available online. Contrary to Internet folklore, Dr. Kamerschen is NOT the author of "Tax Cuts: A Simple Lesson in Economics" or “Bar Stool Economicsâ€￾ or anything similar to that. Additionally, he does NOT know who wrote it and he has no opinion on its merits."

But I digress...The "tax" system presented does nothing to explain the distribution of wealth among the participants. In the example you provided, the 10th person who paid $59 for his share of the beer controlled 70 dollars out of every hundred the men made collectively. Conversely, the bottom four combined made less than a dollar.

Accuracy and www.snopes.com are your friends Mr. E..

 

[Ralph]

This thread has gone way off topic and is closed. If you wish to argue about tax policies that may or may not happen today or in the future, The Water Cooler is the proper venue.