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Politics : Foreign Affairs Discussion Group -- Ignore unavailable to you. Want to Upgrade?

To: mistermj who wrote (215478)	1/29/2007 5:20:44 PM
From: Katelew	Read Replies (1) \| Respond to of 281500

You must be one of those who thought they got a tax cut under Reagan. Or you are too young to know the middle class tax expemptions that were lost under Reagan. Losing the deduction of sales tax, IRA contributions, the full 100% of business and medical expenses, and having UGMA accounts taxed at the parent's highest marginal rate are just a few that I remember w/o researching it further. I re-figured my taxes one year in the late 1980's. It was a wash. Everything I gained from having my bracket lowered was lost by having those deductions disallowed. This continued until I actually got hit one year with the AMT in one of my children's accounts, at which time I actually lost ground. I voted for Reagan both times, but he was a fraud in many ways. You must not remember the 'smoke and mirrors' charges.....David Stockman's resignation as Reagan's budget director, Paul Volker's criticisms, etc???