[Reagan Man]

>>>>>... in 1982, when unemployment was rising similarly to the way it has in 2009 the network news media were merciless quoting attacks from Democrats, union leaders and the unemployed to attack Reagan's "sadistic" fiscal policies.

I remember it well. Reagan's Economic Recovery Tax Act of 1981 reduced personal income tax rates by 23%, top rate dropped from 70% to 50% (TRA of 1986 reduced it from 50% to 28%); 10% exclusion on income for two-earner married couples; increase in estate tax exemption from $175,625 to $600,000; reduced Windfall Profit taxes; allowed all working taxpayers to establish IRAs; expanded provisions for employee stock ownership plans.

Those are sane fiscal policies. What was sadistic was the House not cutting spending, as Reagan policy reduced taxes.

[freethinker_for_freedom]

“Those are sane fiscal policies. What was sadistic was the House not cutting spending, as Reagan policy reduced taxes.”

So “Reagan policy” cut taxes, but the sadists in the House did not cut spending. That’s interesting. I thought that all legislation had to be passed by the House (and the Senate), including tax cuts.

[AuH2ORepublican]

I thought that Reagan’s 1981 tax cuts reduced the highest rate from 69% to 35% (cutting it almost in half) but that it was raised to 39% in 1983.