Is it not a FACT, JACK, that of the $1.412 trillion in total deficits throughout the Reagan era $784.6 billion dollars of that was SOLELY the fault of the Democrat Congress (when you compare his submitted budgets to those passed by Congress)?
it not a FACT, JACK, that total federal revenues doubled from just over $517 billion in 1980 to more than $1 trillion in 1990 and, in constant inflation-adjusted dollars, amounted to a 28% increase in revenue?
Is it not a FACT, JACK, that revenues from individual income taxes climbed from just over $244 billion in 1980 to nearly $467 billion in 1990 and, in inflation-adjusted dollars, amounted to a 25% increase?
Is it not a FACT, JACK, that means-tested entitlements, which do not include Social Security or Medicare, rose by over 102% between 1980 and 1993?
Is it not a FACT, JACK, that the Reagan economic boom lasted 92 months without a recession, from November 1982 to July 1990, and was the longest period of sustained growth during peacetime and the second-longest period of sustained growth in US history lasting more than twice as long as the average period of expansions since WWII?
Is it not a FACT, JACK, that the American economy grew by about one-third in real inflation-adjusted terms, which was the equivalent of adding the entire economy of East and West Germany or two-thirds of Japan's economy to the U.S. economy?
Is it not a FACT, JACK, that the average, highest individual income tax rate of our major economic trading partners during the 1980s and 1990s was 51% while the U.S. was much lower at 33%, which led to the United States creating more than twice as many new jobs as Japan and Western Europe combined?
Is it not a FACT, JACK, that means-tested entitlements, which do not include Social Security or Medicare, rose by over 102% between 1980 and 1993?
Is it not a FACT, JACK, that the Reagan economic boom lasted 92 months without a recession, from November 1982 to July 1990, and was the longest period of sustained growth during peacetime and the second-longest period of sustained growth in US history lasting more than twice as long as the average period of expansions since WWII?
Is it not a FACT, JACK, that the American economy grew by about one-third in real inflation-adjusted terms, which was the equivalent of adding the entire economy of East and West Germany or two-thirds of Japan's economy to the U.S. economy?
Is it not a FACT, JACK, that the average, highest individual income tax rate of our major economic trading partners during the 1980s and 1990s was 51% while the U.S. was much lower at 33%, which led to the United States creating more than twice as many new jobs as Japan and Western Europe combined?
Is it not a FACT, JACK, that after the landmark Tax Reform Act of 1986, which closed special-interest loopholes in exchange for top marginal rates of 28%, the highest combined federal-state marginal tax rate was about 33% - much lower than it is today?
Is it not a FACT, JACK, that even after the spending spree of the 1980s, the deficit-to-GDP ratio in FY-1989 (Reagan’s last budget) was 2.78% while Obama’s FY-2010 was 8.54% and his FY-2011 is estimated to be 9.59%?
Is it not a FACT, JACK, that, from 1950 to 1973, real economic growth in the U.S. economy averaged 3.54% per year?
Is it not a FACT, JACK, that, from 1973 to 1982, real economic growth in the U.S. economy averaged 1.6% per year?
Is it not a FACT, JACK, that, the Reagan economic boom restored the more usual growth rate as the economy averaged 3.56% in real growth from the beginning of 1983 to the end of 1990?
Is it not a FACT, JACK, that in 1991, after the Reagan rate cuts were well in place, the top 1% of taxpayers in income paid 25% of all income taxes; the top 5% paid 43%; the bottom 50% paid only 5%; and, to suggest that this distribution is unfair because it is too easy on upper-income groups is nothing less than absurd?
Is it not a FACT, JACK, that the proportion of total income taxes paid by the top 1% rose sharply under Reagan, from 18% in 1981 to 28% in 1988?
Is it not a FACT, JACK, average effective income tax rates were cut even more for lower-income groups than for higher-income groups and that while the average effective tax rate for the top 1% fell by 30% between 1980 and 1992, and by 35% for the top 20% of income earners, it fell by 44% for the second-highest quintile, 46% for the middle quintile, 64% for the second-lowest quintile, and 263% for the bottom quintile?
Is it not a FACT, JACK, that these reductions for the lowest-income groups were so large because Reagan doubled the personal exemption, increased the standard deduction, and tripled the EITC, which provided net cash for single-parent families with children at the lowest income levels and those changes eliminated income tax liability altogether for over 4 million lower-income families?
Is it not a FACT, JACK, that, for the TOP 1% of taxpayers, the TAX BURDEN INCREASED from 12.9% in 1980 to 15.4% in 1989?
Is it not a FACT, JACK, that, for the TOP 5% of taxpayers, the TAX BURDEN INCREASED from 27.3% in 1980 to 30.4% in 1989?
Is it not a FACT, JACK, that, for the TOP 20% of taxpayers, the TAX BURDEN INCREASED from 56.1% in 1980 to 58.6% in 1989?
Is it not a FACT, JACK, that, for the SECOND-HIGHEST 20% of taxpayers, the TAX BURDEN DECREASED from 22.2% in 1980 to 20.8% in 1989?
Is it not a FACT, JACK, that in 1991, after the Reagan rate cuts were well in place, the top 1% of taxpayers in income paid 25% of all income taxes; the top 5% paid 43%; the bottom 50% paid only 5%; and, to suggest that this distribution is unfair because it is too easy on upper-income groups is nothing less than absurd?
Is it not a FACT, JACK, that the proportion of total income taxes paid by the top 1% rose sharply under Reagan, from 18% in 1981 to 28% in 1988?
Is it not a FACT, JACK, average effective income tax rates were cut even more for lower-income groups than for higher-income groups and that while the average effective tax rate for the top 1% fell by 30% between 1980 and 1992, and by 35% for the top 20% of income earners, it fell by 44% for the second-highest quintile, 46% for the middle quintile, 64% for the second-lowest quintile, and 263% for the bottom quintile?
Is it not a FACT, JACK, that these reductions for the lowest-income groups were so large because Reagan doubled the personal exemption, increased the standard deduction, and tripled the EITC, which provided net cash for single-parent families with children at the lowest income levels and those changes eliminated income tax liability altogether for over 4 million lower-income families?
Is it not a FACT, JACK, that, for the TOP 1% of taxpayers, the TAX BURDEN INCREASED from 12.9% in 1980 to 15.4% in 1989?
Is it not a FACT, JACK, that, for the TOP 5% of taxpayers, the TAX BURDEN INCREASED from 27.3% in 1980 to 30.4% in 1989?
Is it not a FACT, JACK, that, for the TOP 20% of taxpayers, the TAX BURDEN INCREASED from 56.1% in 1980 to 58.6% in 1989?
Is it not a FACT, JACK, that, for the SECOND-HIGHEST 20% of taxpayers, the TAX BURDEN DECREASED from 22.2% in 1980 to 20.8% in 1989?
Is it not a FACT, JACK, that, for the MIDDLE 20% of taxpayers, the TAX BURDEN DECREASED from 13.2% in 1980 to 12.5% in 1989?
Is it not a FACT, JACK, that, for the SECOND-LOWEST 20% of taxpayers, the TAX BURDEN DECREASED from 6.9% in 1980 to 6.4% in 1989?
Is it not a FACT, JACK, that, for the LOWEST 20% of taxpayers, the TAX BURDEN DECREASED from 1.6% in 1980 to 1.5% in 1989?
Is it not a FACT, JACK, that Tip O’Neill and the Democrats never adopted ONE, SINGLE REAGAN BUDGET?
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