Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: Scumbria who wrote (139158)	4/18/2001 5:20:51 PM
From: Neocon	Read Replies (1) \| Respond to of 769670

Government Revenues, the Debt, and GNP: 1982-9 A nice comparison is the measure of the debt and deficit against our GNP, widely regarded as the best measure of our indebtedness. Because our revenues are tied to GNP (Note: we now use GDP, a slightly different measure) our relative indebtedness can be determined as a percentage of that figure. GNP, Budget Deficits and Relative Change In billions of dollars except percents Year GNP Deficit %GNP Debt %GNP % change 1982 3130 127.9 4.1 1147.0 36.6 1983 3325 207.8 6.2 1381.9 41.6 5.0 1984 3688 185.3 5.0 1576.7 42.8 1.2 1985 3958 212.3 5.4 1827.5 46.2 3.4 1986 4177 220.7 5.3 2129.5 51.0 4.8 1987 4442 148.0 3.4 2354.3 53.0 2.0 1988 4771 155.1 3.2 2614.6 54.8 1.8 1989 5201 152.0 2.9 2881.1 55.4 0.6 Source: American Almanac, United States Budgets, et al. As can be seen, the deficit spiked early, then declined sharply in the second term of Reagan's presidency. Our debt increased by about 20% (GDP) and 50% relative to the previous level, a far cry from the doubling, tripling, or quadrupling that some claim. Note that since spending (in nominal dollars) has increased faster under Bush and Clinton than Reagan, liberals are falling back to the proper measure of indebtedness (as a % GDP) while trying to continue to attack Reagan solely on nominal dollar increases. reagan.webteamone.com

To: Scumbria who wrote (139158)	4/18/2001 5:23:15 PM
From: Neocon	Read Replies (1) \| Respond to of 769670

Income Tax Revenues (1980s) Total income tax collected in the 1980s (in billions of real dollars) Year Revenue (billions of real dollars) Comments 1981 312.5 5% tax rate cut this year 1982 287.7 10% tax rate cut this year 1983 275.3 10% tax rate cut this year 1984 290.6 1985 302.7 1986 346.5 3% tax rate cut for top marginal rate Capital gains rate raised from 20% to 28% this year AMT changed to ensure most upper income taxpayers pay at least 31% 1987 325.0 1988 349.0 1989 354.4 Source: IRS Statistics of Income. Note that the Reagan tax cut, phased in from late 1981 to 1983 produces an immediate increase in revenue, as opposed to the decreases portrayed by opponents. In addition, the increase in the capital gains tax more than outweighed the "revenue neutral" top marginal rate cut of 3%. And as a result, capital gains revenues decreased for the first time in over a decade. reagan.webteamone.com