Author: Publisher:
ISBN:
Category : Income tax
Languages : en
Pages : 342
Book Description
Tax Legislation in the Reagan Era
Author: Tax Legislation in the Reagan Era
Author: Charitable Giving and Tax Legislation in the Reagan Era
Author: Charles T. ClotfelterPublisher:
ISBN:
Category : Income tax deductions for charitable contributions
Languages : en
Pages : 14
Book Description
Starving the Beast
Author: Monica PrasadPublisher: Russell Sage Foundation
ISBN: 1610448766
Category : Social Science
Languages : en
Pages : 338
Book Description
Since the Reagan Revolution of the early 1980s, Republicans have consistently championed tax cuts for individuals and businesses, regardless of whether the economy is booming or in recession or whether the federal budget is in surplus or deficit. In Starving the Beast, sociologist Monica Prasad uncovers the origins of the GOP’s relentless focus on tax cuts and shows how this is a uniquely American phenomenon. Drawing on never-before seen archival documents, Prasad traces the history of the 1981 tax cut—the famous “supply side” tax cut, which became the cornerstone for the next several decades of Republican domestic economic policy. She demonstrates that the main impetus behind this tax cut was not business group pressure, racial animus, or a belief that tax cuts would pay for themselves. Rather, the tax cut emerged because in America--unlike in the rest of the advanced industrial world—progressive policies are not embedded within a larger political economy that is favorable to business. Since the end of World War II, many European nations have combined strong social protections with policies to stimulate economic growth such as lower taxes on capital and less regulation on businesses than in the United State. Meanwhile, the United States emerged from World War II with high taxes on capital and some of the strongest regulations on business in the advanced industrial world. This adversarial political economy could not survive the economic crisis of the 1970s. Starving the Beast suggests that taking inspiration from the European model of progressive policies embedded in market-promoting political economy could serve to build an American economy that works better for all.
Assessing the Reagan Years
Author: David BoazRonald Reagan & the Great Social Security Heist
Author: Allen W. Smith Ph. D.Publisher: Ironwood Publications (FL)
ISBN: 9780985910549
Category : Business & Economics
Languages : en
Pages : 182
Book Description
The money's gone! Social Security doesn't have $2.7 trillion stashed away for paying benefits, as so many people believe. It cannot pay benefits for another 20 years, as is often claimed. In fact, Social Security does not have enough money to pay full benefits, even for 2014, without borrowing money from China or another of our creditors. How can this be? Wasn't Social Security fixed by the Social Security Amendments of 1983, which included a large increase in payroll taxes? That's what we were told at the time. President Reagan signed that legislation into law with great fanfare on April 20, 1983. With his comments at the signing ceremony, Reagan gave the impression that it was a proud day for America. But, instead of being a proud day for America, as Reagan implied, the day the new legislation was signed into law, turned out to be a day of shame for the United States. The Social Security Amendments of 1983 laid the foundation for 30 years of government embezzlement of Social Security funds. The money was used to pay for wars, tax cuts for the rich, and other government programs. The payroll tax hike of 1983 generated a total of $2.7 trillion in surplus Social Security revenue. This surplus revenue was supposed to be saved and invested in marketable U.S. Treasury bonds, which would be held in the trust fund until the baby boomers began to retire in about 2010. But not one dime of that money ever made its way to the Social Security trust fund. The 1983 legislation was sold to the public, and to Congress, as a long-term fix for Social Security. With the help of Alan Greenspan, Reagan was a super salesman, who could have sold almost anything to the public-even a scam. And that's exactly what he was selling. Reagan intended to use the surplus Social Security revenue to replace revenue lost because of his unaffordable income tax cuts. Instead of being set aside for the retirement of the baby boomers, as was the intent of the legislation, the extra Social Security revenue was deposited directly into the general fund just like income tax revenue. From the very beginning, Reagan and his advisors had no intention of saving and investing the new revenue for the retirement of the baby boomers. They needed additional general tax revenue, and an increase in the payroll tax would be much easier to enact than higher income taxes. Also, the potential to get vast amounts of revenue was much greater with a payroll tax increase than from an income tax increase. The baby boomers, the largest generation of Americans who ever lived, were already making large contributions to the Social Security fund. Like all previous generations, prior to 1983, the boomers were being required to pay the full cost of benefits paid to the previous generation. But, the proposed new legislation would hit the boomers with a double whammy. In addition to paying for their parents' benefits, the new law would require the baby boomers to also pay enough additional taxes to prepay the cost of their own benefits. This would generate a potential gold mine of surplus revenue that could be tapped and used for other purposes. But none of the $2.7 trillion in additional Social Security revenue was ever saved or invested in anything. The actual surplus money was replaced with nonmarketable government IOUs, which cannot be converted into cash or used to pay Social Security benefits. It would have been bad enough if only Reagan had looted Social Security money. But George H.W. Bush, Bill Clinton, and George W. Bush all followed in Reagan's footsteps and spent all of the Social Security surplus revenue for non-Social Security purposes, just like Reagan. This book is a must read for all who care about the future of Social Security and the integrity of their government.
The Reagan Experiment
Author: John Logan PalmerPublisher: The Urban Insitute
ISBN: 9780877663157
Category : Business & Economics
Languages : en
Pages : 552
Book Description
"A report of the Urban Institute's Changing Domestic Priorities Project"--Page ii."URI 34200"--T.p. verso. Includes bibliographical references.
President Reagan's Tax Policy Recommendations
Author: United States. Congress. House. Committee on the Budget. Task Force on Tax PolicyPublisher:
ISBN:
Category : Taxation
Languages : en
Pages : 162
Book Description
JFK and the Reagan Revolution
Author: Lawrence KudlowPublisher: Penguin
ISBN: 0698162838
Category : Business & Economics
Languages : en
Pages : 258
Book Description
The fascinating, suppressed history of how JFK pioneered supply-side economics. John F. Kennedy was the first president since the 1920s to slash tax rates across-the-board, becoming one of the earliest supply-siders. Sadly, today’s Democrats have ignored JFK’s tax-cut legacy and have opted instead for an anti-growth, tax-hiking redistribution program, undermining America’s economy. One person who followed JFK’s tax-cut growth model was Ronald Reagan. This is the never-before-told story of the link between JFK and Ronald Reagan. This is the secret history of American prosperity. JFK realized that high taxes that punished success and fanned class warfare harmed the economy. In the 1950s, when high tax rates prevailed, America endured recessions every two or three years and the ranks of the unemployed swelled. Only in the 1960s did an uninterrupted boom at a high rate of growth (averaging 5 percent per year) drive a tremendous increase in jobs for the long term. The difference was Kennedy’s economic policy, particularly his push for sweeping tax-rate cuts. Kennedy was so successful in the ’60s that he directly inspired Ronald Reagan’s tax cut revolution in the 1980s, which rejuvenated the economy and gave us another boom that lasted for two decades. Lawrence Kudlow and Brian Domitrovic reveal the secret history of American prosperity by exploring the little-known battles within the Kennedy administration. They show why JFK rejected the advice of his Keynesian advisors, turning instead to the ideas proposed by the non-Keynesians on his team of rivals. We meet a fascinating cast of characters, especially Treasury Secretary Douglas Dillon, a Republican. Dillon’s opponents, such as liberal economists Paul Samuelson, James Tobin, and Walter Heller, fought to maintain the high tax rates—including an astonishing 91% top rate—that were smothering the economy. In a wrenching struggle for the mind of the president, Dillon convinced JFK of the long-term dangers of nosebleed income-tax rates, big spending, and loose money. Ultimately, JFK chose Dillon’s tax cuts and sound-dollar policies and rejected Samuelson and Heller. In response to Kennedy’s revolutionary tax cut, the economy soared. But as the 1960s wore on, the departed president’s priorities were undone by the government-expanding and tax-hiking mistakes of Presidents Johnson, Nixon, Ford, and Carter. The resulting recessions and the “stagflation” of the 1970s took the nation off its natural course of growth and prosperity-- until JFK’s true heirs returned to the White House in the Reagan era. Kudlow and Domitrovic make a convincing case that the solutions needed to solve the long economic stagnation of the early twenty-first century are once again the free-market principles of limited government, low tax rates, and a strong dollar. We simply need to embrace the bipartisan wisdom of two great presidents, unleash prosperity, and recover the greatness of America.
The Working Class Republican
Author: Henry OlsenPublisher: HarperCollins
ISBN: 0062475282
Category : History
Languages : en
Pages : 357
Book Description
In this sure to be controversial book in the vein of The Forgotten Man, a political analyst argues that conservative icon Ronald Reagan was not an enemy of Franklin Delano Roosevelt and the New Deal, but his true heir and the popular program’s ultimate savior. Conventional political wisdom views the two most consequential presidents of the twentieth-century—FDR and Ronald Reagan—as ideological opposites. FDR is hailed as the champion of big-government progressivism manifested in the New Deal. Reagan is seen as the crusader for conservatism dedicated to small government and free markets. But Henry Olsen argues that this assumption is wrong. In Ronald Reagan: New Deal Republican, Olsen contends that the historical record clearly shows that Franklin Roosevelt and the New Deal itself were more conservative than either Democrats or Republicans believe, and that Ronald Reagan was more progressive than most contemporary Republicans understand. Olsen cuts through political mythology to set the record straight, revealing how Reagan—a longtime Democrat until FDR’s successors lost his vision in the 1960s—saw himself as FDR’s natural heir, carrying forward the basic promises of the New Deal: that every American deserves comfort, dignity, and respect provided they work to the best of their ability. Olsen corrects faulty assumptions driving today’s politics. Conservative Republican political victories over the last thirty years have not been a rejection of the New Deal’s promises, he demonstrates, but rather a representation of the electorate’s desire for their success—which Americans see as fulfilling the vision of the nation’s founding. For the good of all citizens and the GOP, he implores Republicans to once again become a party of "FDR Conservatives"—to rediscover and support the basic elements of FDR (and Reagan’s) vision.