Quote:
Originally Posted by juppiter
You don't think cutting spending that drastically would cripple the economy just as much as a VAT was? Like it or not, there are private firms who do most of their work on government projects. You cut public spending, it DOES still hurt the private sector.
We have both a spending and a revenue problem. Anyone who says different is an idealogue.
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What most people don't realize is that tax revenue increased during the Administration of George W. Bush Jr. at the LOWEST RATE of any post World War II presidential administration that served two terms:
Historical Tax Revenue
George W. Bush Jr.
All figures are trillions of dollars
2001 - $1.9911
2002 - $1.8531
2003 - $1.7823
2004 - $1.8801
2005 - $2.1536
2006 - $2.4069
2007 - $2.5680
2008 - $2.5240
Increase from beginning to end of term: 26.56%
Highest Marginal Tax Rate 2003 -39.6%
Lowest Marginal Tax Rate 2004 -35%
Increases in tax revenue
Harry Truman
1945 - $45.2 billion
1952 - $66.2 billion
Increase - 46.46%
Highest Marginal Tax Rate 1945 - 94.0%
Lowest Marginal Tax Rate 1946 - 91%
Dwight D. Eisenhower
1953 - $69.6 billion
1960 - $92.5 billion
Increase - 32.90%
Higest Marginal Tax Rate 1953 - 92.0%
Lowest Marginal Tax Rate 1954 - 91%
John F. Kennedy - Lyndon B. Johnson
1961 - $94.4 billion
1968 - $153 bilion
Increase - 62.76%
Higest Marginal Tax Rate 1961 - 91.0%
Lowest Marginal Tax Rate 1965 - 70.0%
Richard M. Nixon - Gerald R. Ford
1969 - $186.9 billion
1976 - $298.1 billion
Increase - 59.50%
Highest Marginal Tax Rate - 70%
Ronald Reagan
1981 - $599.3 billion
1988 - $909.2 billion
Increase - 51.2%
Highest Marginal Tax Rate 1981 - 70.0%
Lowest Marginal Tax Rate 1988 - 28.0%
Bill Clinton
1993 - $1.1543
2000 - $2.0252
Increase - 75.43%
Highest Marginal Tax Rate - 39.6%