But the first paragraph refutes the headline: "Allowing income tax rates to rise for wealthy Americans would not hurt U.S. economic growth much (emphasis added) in 2013 ..." The CBO did not say, as the headline suggests, that raising taxes on the rich has no negative economic effect. In fact, the CBO actually said that extending the Bush-era rates for all would increase economic growth by 1.5 percent. If, however, the Bush era rates expired for the rich -- but...
And all of Reagan's tax increases COMBINED amounted to less than 20% of his total tax CUTS. In fact, most of thiose tax "raises" were repeal of smaller tax cuts whose distortions to economic activity (by setting disparate tax rates) outweighed their benefit. Those attempting to protray Reagan as a tax hiker are either incredibly ignorant or completely dishonest ... or both. Which are you?
Consider this headline from a Reuters article in The Huffington Post: "Raising Taxes on Rich Won't Hurt Economic Growth, CBO Says."
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