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Politics : Foreign Affairs Discussion Group

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To: michael97123 who wrote (218215)	2/13/2007 3:46:10 PM
From: Katelew	Read Replies (1) of 281500

I was in a high tax bracket during Reagan years and I know that I didn't get a tax break. Too many of my previous exemptions were disallowed under Reagan. My personal returns were a wash....I didn't pay more and I didn't pay less. I also got hit with the AMT on one of my CHILDREN'S college savings accounts!!!! It had particularly high market gains one year. YOU don't understand economics or historical fiscal policy in this country. Ponder this, Michael. Federal taxes, historically speaking, have run right at 19% of GDP....year in and year out.....regardless of the prevailing tax policies. Taxes get raised.....taxes get cut.....still 19% of GDP. So that alone tells you that historical tax policies are generally just a re-arranging of the chairs. This group pays a little. more....this group pays a little less, etc, etc. This was true until the Bushies, however. Tax revenues have been running about 18.4% under Bush, which translates to pretty significant dollar amounts. See Bernanke's recent warning on the whole thing, esp. his conclusions. federalreserve.gov

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