Companies pay a lower tax rate now than under Reagan. And we're already under Bush tax cuts. Obviously they've failed the country miserably. Look at our debt. Of course the wars and social programs added to it too, but it's pretty damn hard to ignore 10 trillion dollars lol. And by the way, the recession from Reagan's time was a different recession than of now. We have a disease in the system now called bank deregulation.
The Reagan recession:
A brief recession occurred in 1980. Several key industries—including housing, steel manufacturing and automobile production—experienced a downturn from which they did not recover through the end of the next recession. Many of the economic sectors that supplied these basic industries were also hard-hit. Each period of high unemployment was caused by the Federal Reserve, as it substantially increased interest rates to reduce high inflation; each time, once inflation fell and interest rates were lowered, unemployment slowly fell.
Of course you want to say it was because tax rates were cut that caused the economy to recover, even though the print in red above seemingly had nothing to do with it ::rolls eyes::
Tax cuts is wasteful government spending. Simple as that.
You sir do not understand microeconomics.
It's MACROeconomics, first of all. Just by that statement alone merits you as a nincompoop.
Secondly, what tax cuts in the 1940's are you referring to?! I see all tax increases
Oh so there were tax cuts in 1940 that gained revenue... no that's WW2.
Oh so taxes were increased in 2008 meaning revenue was lost... no that's the financial crisis.
Hmmm well in the 1980's Reagan made a lot of tax cuts... Hmmm but the revenue seems to still be on the same gradient as before the tax cuts.
We got out of the 1930's recession because of WWII. Government spending was in the trillions during the 1940's.
Taxes were NOT increased in 2008. But then you say taxes were increased due to the financial crisis!? WHAT?! Dude, you're a weirdo. That's what you call convoluted hyperbole.
And your last comment about Reagan tax cuts is wrong:
"Supply-side advocates claim that revenues increased, but that spending increased faster. However, they typically point to total revenues
even though it was only income taxes rates that were cut while other taxes, notably payroll taxes were raised.
That table also does not account for inflation. For example, of the increase from $600.6 billion in 1983 to $666.5 billion in 1984, $26 billion is due to inflation, $18.3 billion to corporate taxes and $21.4 billion to social insurance revenues (mostly FICA
Income tax revenues in constant dollars
decreased by $2.77 billion in that year. Supply-siders cannot legitimately take credit for increased FICA tax revenue, because in 1983 FICA tax rates were increased from 6.7% to 7% and the ceiling was raised by $2,100. For the self employed, the FICA tax rate went from 9.35% to 14%.
The FICA tax rate increased throughout Reagan's term, and rose to 7.51% in 1988 and the ceiling was raised by 61% through Reagan's two terms. Those tax hikes on wage earners, along with inflation, are the source of the revenue gains of the early 1980s."
I'm a business man, that's all you need to know about me.