Have You Seen This: Reagan’s Budget Director Says...

[stewert]

Have you guys seen this before, I never heard of it before a couple days ago.

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Reagan’s Budget Director Says Trickle Down Economics Was a Trojan Horse

In the 1980’s Ronald Reagan ushered in a new era in American economics as he cut the top tax
bracket from 70% down to 50% and then down again to 28%. In order to get support for doing
this from the people, and also from politicians, a very crafty set of lies were produced. As David
Stockman, then Reagan’s budget director, put it, giving small tax cuts across the board to all
brackets was simply a “Trojan Horse” that was used to get approval for the huge top tax bracket
cuts. “Trickle-Down” was a term used by republicans that meant giving tax cuts to the rich.
Stockman explains that: "It's kind of hard to sell 'trickle down,' so the supply-side formula was
the only way to get a tax policy that was really 'trickle down.' Supply-side is 'trickle-down'
theory."

"Yes, Stockman conceded, when one stripped away the new rhetoric emphasizing
across-the-board cuts, the supply-side theory was really new clothes for the unpopular doctrine
of the old Republican orthodoxy."

"…the Reagan coalition prevailed again in the House and Congress passed the tax-cut
legislation with a final frenzy of trading and bargaining. Again, Stockman was not exhilarated
by the victory. On the contrary, it seemed to leave a bad taste in his mouth, as though the
democratic process had finally succeeded in shocking him by its intensity and its greed. Once
again, Stockman participated in the trading -- special tax concessions for oil -- lease holders
and real-estate tax shelters, and generous loopholes that virtually eliminated the corporate
income tax. Stockman sat in the room and saw it happen."

"'Do you realize the greed that came to the forefront?' Stockman asked with wonder. 'The hogs
were really feeding. The greed level, the level of opportunism, just got out of control.'"

Full Story:

http://www.rationalrevolution.net/trickle_down.htm

And take a look at this web page too. it shows how the tax burden has shifted from the
rich to the poor and the middle class. And it shows the effect after the Bush tax cuts kicked
in. Look at the change in tax burden chart and the mean household income quintile chart. Notice
who has increased their income, and who has not. Then look at the after tax income in 2000 dollars
chart. This is the stuff you never see the corporate whore media never reports.

In Depth Analysis of American Income and Taxation

By Geoff Price - September 23, 2003

http://www.rationalrevolution.net/american_income_taxation.htm

[Lydia Leftcoast]

1. He admitted as much as far back as

the late 1980s.

[SahaleArm]

2. Hell even Bush-1 called it Voodoo Economics. *nm*

*nm*

[ramapo]

3. Old news

You don't hear about this much. It created a bit of a stir when Stockman first fessed up. But trickle-down lives on and the propaganda machine is much more powerful today.

[Gloria]

4. Yeah, remember the whole thing....and am so pissed I have to

go through Reagan redux now....

Why the hell don't Dems replay all this....maybe some people would wake up