Economic Reality Check!
I choose reality.
Regardless of which set of numbers you choose, the indisputable fact is, revenue went up. Taxes went down... revenue went up. This is reality. In fact, individual income tax revenues rose from $244 billion in 1980 to $446 billion in 1989.
Further, Clinton reversed the trend started by Reagan where the largest tax burden shifted to the more wealthy. The tax hike enacted by Clinton caused more rich people to use tax avoidance strategies. According to Clinton's own budget submissions, the income tax revenue as a % of GDP was lower during his first 4 years, than the prior. In fact, even the National Bureau for Economic Research indicated that the Clinton tax failed to even collect 40% of their original projections.
So why didn't Clinton's tax hike harm the economy? Because rich people wisely didn't pay it.
"It is undeniable that the sharp reduction in taxes in the early 1980s was a strong impetus to economic growth." - President Clinton's Council of Economic Advisers in 1994
So what you claimed, really, is false.
So is what you believe.
You have a choice.
While I'm at it...
No the 80s tax cuts did not cause a deficit. Logic dictates a rise in income can not possibly cause a deficit. I earn $25 today, and $50 tomorrow, but spend $25 both days.. how does my increase in income cause a deficit? It does not... this is basic logic.
Only if I spend $75 the next day, while getting $50, do I end up in debt. The cause of debt was over spending by the people in congress... and who was in charge there?
And there was no surplus. It never existed. Clinton lied (oh surprise) about the budget, and used borrowed money as income in order to make it look like there was a surplus while at the same time increasing the nation debt, which defeats the purpose.
I bring in $9K, and spend $10K
Now I borrow $2K cash advance on a credit card.
I come home to my lovely wife "Hi hon! I brought in $11 Thousand! We have a grand surplus after paying our bills!"
Uh... I'm $2K in debt now... but I have a surplus! Clinton is brilliant!
Clinton did exactly that. He borrowed money, claimed it was income, and brain washed dozens of liberal parrots into thinking he balanced the budget.
Sensing a liberal covering his ears to shut out new information... it's safer that way...
