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Taxes are lower under Obama than Reagan

GOP can't handle the truth. Just ask Eric Cantor's press secretary who stated off camera on 60 Minutes that it was a lie that Reagan raised taxes.

GOP Can’t Handle The Truth: Taxes Are Lower Under Obama Than Reagan

By Pat Garofalo on Jun 1, 2011 at 4:30 pm

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.

Added: Jan-3-2012 Occurred On: Jan-3-2012
By: dirwulf
Tags: Taxes, Reagan, Obama, GOP
Location: United States (load item map)
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