Silent For Too Long said:
ETA: Tax revenues increased under Reagan, despite the very necessary at the time tax cuts. So if thats what you are blaiming it on it just proves you are incredibly ill-informed.
1) If you are speaking in terms of gross, tax revenues increased under every administration over the past 50 years, simply on the basis of population/economic growth, so this is not a very meaningful statement.
2) Tax revenue actually declined from 1982 to 1983; since 1980, this only happened from 2001-3 (Bush tax cuts), 2008-9 (financial crisis); and 2019-2020 (COVID obviously).
3) The more relevant measure (tax revenue as a percentage of GDP) declined substantially under Reagan. The 1981 value (18.69%) would not be reached again until 1998.
It is simply a fiction that the Reagan tax cuts increased the revenue flowing to the government more than would have occurred by leaving the tax rates alone, and the supply-siders didn't think that would be the case, either. Their prediction was that the loss of revenue wouldn't be as bad as predicted by liberal economists, due to tax cuts stimulating economic growth.
In re: Reagan, I think you could argue that they were right. The Bush 43 tax cuts were much less justifiable without spending restraint.
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