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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
In:
Politics
Tags: Taxes, Reagan, Obama, GOP
Location: United States (load item map)
Views: 1921 | Comments: 122 | Votes: 1 | Favorites: 0 | Shared: 0 | Updates: 0 | Times used in channels: 2
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  • thanks to the REPUBLICAN BUSH TAX CUT that Obama was FORCED to keep by the REPUBLICANS in the congress slapping the democrats hands away from our wallets.

    LOL @ slaves.

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  • Due to the Bush tax cuts that Obama was only forced to extend by the bad economy - thank W.

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  • Checked out your channel.. As I suspected- Obama voting liberal.

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    • @EmrysM And that disproves that taxes were higher under Reagan how?

      Checked your profile, you're a Paul voting head in the clouds libertarian who understands dick all about economics.

      You're buying the words of a snake oil salesman who wants to throw the baby out with the bath water and who has a grass was greener in the 1800's economic philosophy.

      Pauls ideas are dangerous.

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    • @EmrysM Who cares? What they posted is still true.

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    • @EmrysM

      Checked out your post. As I suspected, even these simple, factual posts are flying waaaaay over your pointy little head.

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  • Taxes are lower because Bush cut them, first off. Second, care to compare unemployment figures?

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    • @jum_runky Taxes are lower because Obama cut them not Bush. Get your facts straight. Not to mention that the economy has had 14 consecutive months of job growth. Not enough, but much better than the 800,000 a month job loss numbers in the last months of the Bush admin.

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    • @cdlcrash

      The job growth bit is nice and all, but seriously, look at the numbers. Obama's solutions haven't helped matters. One job a month extra is "growth."

      http://www.forbes.com/sites/peterferrara/2011/05/05/reaganomics-vs-obamanomics-facts-and-figures/

      You might have heard of Forbes. They're pretty reputable.

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    • @jum_runky Right, but that doesn't factor in jobs saved does it? It cushioned the recession, it didn't fix it.

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    • @BigDaddyHarrison

      Jobs saved is a hard one because how do you say which jobs were going to be in danger in the first place?

      I'm not at all trying to say Reagan was perfect -- but compared to Obama, well...

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    • @jum_runky Most the problems that people have with Obama are imaginary.

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  • The Economic Recovery Tax Act (ERTA) of 1981 under Reagan cut high marginal tax rates from about 70% to 28%. High marginal tax rates discourage work effort, savings, investment, promote tax avoidance and tax evasion. The economic benefits of ERTA were summarized by President Clinton's Council of Economic Advisers in 1994. "It is undeniable that the sharp reduction in taxes in the early 1980s was a strong impetus to economic growth." IRS data shows the top 1 percent paid 17.6% of al More..

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    • @Nagold The biggest factor in the sudden shift towards production in the 80s was the end of the OPEC cartel price manipulation which brought Cost push inflation from high gasoline prices to an end. The markets had no where to go but up after that.

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  • Wonder if Obama and his bots would care to wager on who CUT taxes more, Reagan or the big O? Oh, and isn't it just like the big O to take full credit for something other people did.

    Dear barry would willingly raise taxes the split second the republicans turn their head. But hell, what's a bit of PR bullshit between friends?

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    • @copperdog3

      Who was the first President to have a TRILLION DOLLAR DEFICIT?
      What President gave amnesty to 12 million illegals?

      Why Ronnie of course....but revisionist history and the longing for the "Good old days" does something to the sheeple.

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    • @copperdog3

      Reagan raised taxes at least 11 times, Honey.

      Please be less stupid, hmmmm?

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    • @LoPull
      Why is it again that liberals hate Reagan?

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    • @copperdog3 Yeah, he'll raise taxes on top tier income earners He's made no qualms about that. Obama cut taxes for 95% of Americans, you know most Americans, not just the ones who make a shit ton of money and fund political campaigns. Obama isn't taking credit for those tax cuts, he's pointing out that they're lower than they were even under Reagan and that Reagan even raised taxes. How daft are you?

      In economics there is a law known as the law of marginal production. It states that a worker More..

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    • @grayokc Because Republicans have completely mythologized everything he did. A huge cost push inflation recession ended and he took credit for the recovery by claiming it was his tax cuts that did everything.

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  • i love how this title misleads. the poster is an idiot. of course they are lower because of the bush tax cuts.

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  • Obama green lighted printing over 10 trillion dollars.

    Look up inflationary tax and vote Ron Paul.

    Peace.

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    • @RP2012 Two things about that. Excess currency causes what is called demand push inflation. Most of that money was not printed, it was given out in emergency loan programs which were payed back.

      Something people forget is that the FED destroys dollars as well to stave off inflation.

      http://www.politifact.com/truth-o-meter/statements/2011/dec/09/ron-paul/did-fed-create-15-trillion-during-bailout-and-send/

      Check out this politifact investigation.

      Also don't forget that the financial crisis wi More..

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  • LMAOF at Title FAIL...Taxes are lower because of the Bush tax cuts in which the democRATS have tried and tried to raise.

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    • @LMAOatLibs Ya lower for a small percentage of the American people.

      Obama gave the majority of Americans, average working class people a tax cut. More than 90% of the US saw a tax cut under Obama.

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    • @BigDaddyHarrison Damn sure didn't...all he did was continue the Bush tax cuts.

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    • @BigDaddyHarrison How can that be when almost half of the people in the US don't pay any income taxes.

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    • @BigDaddyHarrison Yeah? Look at what actually happened under Reagans economic plan: Inflation (which hurts the poor more than any other group) came down from 13.5% to 4.1%.
      Unemployment went from 9.5% to 5.2%.
      Over 18 million new jobs were created.
      Median family income rose every year from 1982 to 1989.
      Charitable giving (which helps the poor) more than doubled to over $100 billion in 1988.
      The left wing Joint Center for Political Studies estimated the black middle class grew from 3.6 m More..

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    • @Snarfums Yes inflation dropped because the OPEC cartel's price manipulation ended. Gasoline reached price elasticity, dropped radically and effectively ended the cost push inflation. It's for this reason that inflation dropped dramatically, unemployment dropped dramatically and median household income rose.

      BTW I think some of your numbers are flawed. After calculating for inflation the average workers wages remained stagnant.

      http://rationalrevolution.net/war/trickle_down.htm

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