Vol8188
revolUTion in the air!
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When Reagan took office the top earners paid 70%.
Reagan dropped that to 50. By the end of his presidency he dropped it to the lowest level it had been since the 1920s, down to 28 percent.
HW then raised them back up to 31.
So in twelve years they managed to drop taxes on the wealthy by 39%.
In those same 12 years the national debt tripled.
Under the Clinton administration income taxes were raised to 39.6% and stayed that way until 2000
The result: a budget surplus.
2001 bush takes office and cuts these taxes again eventually dropping to 35%.
The result: national debt doubles in 8 years
The problem with our current debt isn't spending (although I agree some cuts need to be made), it's revenue. The top bracket should be returned to 50%.
Reagan dropped that to 50. By the end of his presidency he dropped it to the lowest level it had been since the 1920s, down to 28 percent.
HW then raised them back up to 31.
So in twelve years they managed to drop taxes on the wealthy by 39%.
In those same 12 years the national debt tripled.
Under the Clinton administration income taxes were raised to 39.6% and stayed that way until 2000
The result: a budget surplus.
2001 bush takes office and cuts these taxes again eventually dropping to 35%.
The result: national debt doubles in 8 years
The problem with our current debt isn't spending (although I agree some cuts need to be made), it's revenue. The top bracket should be returned to 50%.
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