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To: Diamond Jim who wrote (117378)	11/12/2000 3:22:13 PM
From: Scumbria	Respond to of 186894

Jim, After several years of spiraling deficit numbers, Reagan signed a huge tax increase into law in 1986 to try to undo some of the damage done by the 1981 tax cut. This caused the deficit to drop from $221 billion to $150 billion. Note that under Clinton, the largest budget surplus in history was achieved ($124 billion.) If we continue to pay back the debt, perhaps our children will not be saddled with the $1 billion a day interest payments we are now suffering. cbo.gov Scumbria

To: Diamond Jim who wrote (117378)	11/12/2000 3:29:30 PM
From: The Duke of URL©	Respond to of 186894

<wasn't it also under Reagan where the interest write-off was phased out? Everything except a mortgage was gradually phased out.> The beginning of the personal interest phase out and the elimination of depreciation for certain business and investment assets was created under the tax reform act of 1986, sponsored by Bradly and Gephardt and shepparded by Dan Rostencowsky (D) for the house and Bob Packwood for the Senate (R?). The phase in took 3-5 years. Both left the congress under less than Ideal circumstances. Rosty was popped for voter irregularities and paying dead people, and if memory serves was elected to the Gray Bar; and Packwood under a sex scandal.