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Politics : PRESIDENT GEORGE W. BUSH
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To: Neocon who wrote (589296)7/10/2004 2:56:37 AM
From: DavesM  Read Replies (2) of 769670
 
Frankly, IMO you and Steve are engaged in pointless exercise. The fact of the matter, is that during the Carter Administration, the Country was in a period of low growth and high inflation. During the Carter Administration, the income tax structure was very progressive. This means that inflation was responsible for pushing millions of American taxpayers into higher income tax brackets - even though millions of taxpayers saw no REAL increase income. This is NOTHING TO BE PROUD ABOUT! It means that U.S. taxpayers are losing ground on inflation.

For example: Real GDP grew 8.7% from 1977 to 1980, if taxes collected went up 14% in this same time period, it means that taxes went up 160% faster than the economy (out of the hands of taxpayers and into the coffers of Government). On the other hand, during the Reagan Administration, real GDP growth was 27%, while tax receipts went up 15%.
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