[quote]Brad61 wrote:
Aw, you’re just mad that Reagan passed the biggest corporate tax increase in history, and that Reagan raised taxes six times, and you don’t have a good rebuttal.
Here, watch this
http://www.toptips.com/debtclock.html[/quote]
It doesn’t need a rebuttal. Reagan did sign bills to raise taxes. But you need to take them in context – care to tease out some of the other items covered in those bills? Or did you think that Reagan requested the tax increases and Congress was merely giving him what he asked for?
As for “biggest corporate tax increase in history,” you need to review your history. Reagan got to cut the corporate tax rate with the largest cut in history – the rate decreased from 46% to 34% pursuant to the Tax Reform Act of 1986. The statutory corporate income tax rate exceeded 50% for much of the 1950s and 1960s, and was set at 48% for most of the 1970s and 46% for the 1980s up until enactment of the Tax Reform Act of 1986.
What the Tax Reform Act did was get rid of a bunch of tax write-offs and exemptions in exchange for a lower rate. So, lower rates, and fewer “loopholes.” Sounds like the “biggest corporate tax increase in history” to me… [Saracasm, in case you missed that].