On Fri, 16 Apr 2010 12:59:23 -0400, wrote:

On Fri, 16 Apr 2010 06:16:18 -0400, bpuharic wrote:


Were they paying 150% of the taxes before? (do the math to see the
absurdity of your statement).
I agree they may have had their taxes cut, we all did, but alleging
70% is ridiculous.

when reagan took office capital gains tax was 40%. today it's 15%.
sorry...that's only 56% \

Those pesky facts again!
The only thing wrong with that is the cap gains rate was actually
dropped to 28% in the CARTER administration. (1979-80)
It was 28% when Reagan left office. The Clinton administration
dropped it to 20% and Bush dropped it to 15.
There was a sweet deal during the Reagan administration where 60% were
excluded but that went away.

http://www.ctj.org/pdf/regcg.pdf

let's look at the record a bit more closely, shall we?

http://en.wikipedia.org/wiki/Tax_Reform_Act_of_1986

in 1986, while reagan was president:

William A. Niskanen, one of the architects of Reaganomics, summarizes
the policy as "Reagan delivered on each of his four major policy
objectives, although not to the extent that he and his supporters had
hoped", and notes that the most substantial change was in the tax
code, where the top marginal individual income tax rate fell from 70%
to 28%, and there was a "major reversal in the tax treatment of
business income", with effect of "reducing the tax bias among types of
investment but increasing the average effective tax rate on new
investment

The top tax rate was lowered from 50% to 28% while the bottom rate was
raised from 11% to 15% since many lower level tax brackets were
consolidated, and the upper income level of the bottom rate was
increased from $5,720/year to $29,750/year.

This would be the only time in the history of the U.S. income tax
(which dates back to the passage of the Revenue Act of 1862) that the
top rate was reduced and the bottom rate increased concomitantly. In
addition, capital gains faced the same tax rate as ordinary income

----

the bill was cosponsored by liberal democrats bill bradely and dick
gephardt, BUT:

Domestic policy initiatives that Bradley led or was associated with
included:

federal budget reform to reduce the deficit, which included, in 1981,
supporting Reagan's spending cuts but opposing his parallel tax cut
package, one of only three senators to take this position






when's the last time your taxes were cut 55%?

When they cut the capital gains tax.

exactly my point. you just made my case.


Some of us actually have investments.

and some of us work for a living. we get paychecks, not dividend
checks