Saturday, May 31, 2003

Bush - the Megatron of class warfare

This tax cut looks less like class warfare than class massacre.

Being as we're repeating Reagan's policies it might be worthwhile to remember what followed his 1981 tax cuts: because of the budgetary crisis that ensued and the deepening of the recession the following year there were numerous tax hikes: a tax hike in 1982 that cancelled a third of the 1981 tax cut - the largest tax hike since WWII, a gasoline tax in 1983, a massive payroll tax increase in 1983 affecting primarily the working poor and middle class, a tax hike on business in 1984, and the tax reform in 1986 that closed sieves in the corporate tax code opened in 1981, effectively raising corporate taxes while lowering income taxes for middle and high wage earners in the balance.

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