Regan's tax increases were met at least 1:1 by spending cuts. That was well under what was promised, but 1:1 seems to be much better than what w're seeing and expecting as of now.



In 2011, FICA was temporarily cut to 4.2%. It's not back up to 6.2% for the first $113,700.



What bothers me more than social security is the federal sales tax ("medical device excise tax") that's been imposed. Now, that's a load of sh*t.

 

Don't know how you increase the deficit by increasing taxes and cutting spending.

 

really? think about what you just said

 

Well how do you? Reagan's tax increases were some of the largest in history. The deficit went up. Spending went up.

 

There was already an enormous unbalanced budget. Before he took office there were tax cuts, and high inflation. He cut taxes even more, causing more imbalance and of course had to raise them again.



The value of money isn't fixed. It depreciates daily. If you don't have a surplus you will be increasing the deficit. A balanced budget over a short period of time will quickly become a deficit simply because of the Time Value of Money.





but why are we talking about Regan? That was 30 years ago and I wasn't alive for part of his reign.



This is a problem caused by the politicians in Washington. It isn't entirely Obama's fault except for Obamacare.

 

I was replying to Hyundaikitcoupe when I mentioned Reagan. They seem to think only democrats can be wasteful spenders.

 

Well, the democrats do seem to have the more publicized and obvious spending programs, but HKC is simply un-American

 

Let's not forget the Medicare prescription give aways from the Bush times..

 

Let's not forget James Otis and the initiation of the Stamp Act Congress. Those bastards paved the way for this election of officials to make decisions for us!

 

Not my fault you senority on this planet is so low......