Cato JR Wrote:
Oct 26, 2012 2:26 PM
Its important to clearly distinguish action from inaction. Reagan fired hundreds of thousands of federal employees by late summer 1981. Tip O'Neil & fiends blocked the tax cut until August when renegade Democrats in the House joined with Republicans and passed the tax cut which was somewhat similar to the cuts Reagan won his landslide promoting. But they demanded a 3 year implementation period in the House-Senate conference, which slowed the recovery from what was history's worst depression. Harding too ran on tax cuts. The Democrats had promised leading up to 1912-13 that their income tax would never rise above a rate of 5%, and would never apply to anyone with income below $1 million (> $300 million today). It hit 72% during WWI.