sgt_zim
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If they had any sense, they'd realize that Reagan's tax cuts nearly doubled the IRS's tax haul from about $250 billion to about $450 billion by the time Reagan's 2nd term was over. It's just staggering that tax receipts are 10x higher than they were 35 years ago, and the deficit continues to widen. Absolutely irresponsible, yet the low-fo voters keep electing it.Sgt Zim
I’m concerned if the left gets control the house, Senate and presidency
They will bring back the days of the 1% paying nearly 100% of what the government takes in taxes.
As many remember
Reagan’s Economic Recovery Tax Act of 1981 among other things, cut the highest personal income tax rate from 70% to 50% and the lowest from 14% to 11% and decreased the highest capital gains tax rate from 28% to 20%
The left has said they want it back to 80%
I think they want corporate taxes at 50% or higher. And as you alluded to, if they have no stake in the game, they will be all for it.
I know you're aware, but this isn't the 1950s anymore where the federal government can have whatever confiscatory tax policy it likes because there is nobody else in the world competing with American business.