“The much-heralded 1981 tax cut was more than offset by two tax increases that year. One was “bracket creep,” by which just inflation wafted people into higher tax brackets, so that with the same real income (in terms of purchasing power) people found themselves paying a higher proportion of their income in taxes, even though the official tax rate went down. The other was the usual whopping increase in Social Security taxes which, however, don’t count, in the perverse semantics of our time, as “taxes”; they are only “insurance premiums.” In the ensuing years the Reagan Administration has constantly raised taxes – to punish us for the fake tax cut of 1981 – beginning in 1982 with the largest single tax increase in American history, costing taxpayers $100 billion.”
Looks like the China and the rest of the BRICS are seeing the world through clearer lenses then does the US administration. Time to open our eyes again as we did so well during the 1980s!
Does anyone know just exactly how so-called “progressives” came to be called “progressives.” I mean, what is it about them and their policies that will result in progressive? Their results appear to be more a more regressive march to the rear.
Leave a Reply
Discover more from JunkScience.com
Subscribe now to keep reading and get access to the full archive.
Ronald Reagan: An Autopsy
http://archive.lewrockwell.com/rothbard/rothbard60.html
“The much-heralded 1981 tax cut was more than offset by two tax increases that year. One was “bracket creep,” by which just inflation wafted people into higher tax brackets, so that with the same real income (in terms of purchasing power) people found themselves paying a higher proportion of their income in taxes, even though the official tax rate went down. The other was the usual whopping increase in Social Security taxes which, however, don’t count, in the perverse semantics of our time, as “taxes”; they are only “insurance premiums.” In the ensuing years the Reagan Administration has constantly raised taxes – to punish us for the fake tax cut of 1981 – beginning in 1982 with the largest single tax increase in American history, costing taxpayers $100 billion.”
Looks like the China and the rest of the BRICS are seeing the world through clearer lenses then does the US administration. Time to open our eyes again as we did so well during the 1980s!
This might help:
A Brief History of Progressivism
https://mises.org/library/brief-history-progressivism
Does anyone know just exactly how so-called “progressives” came to be called “progressives.” I mean, what is it about them and their policies that will result in progressive? Their results appear to be more a more regressive march to the rear.