My Economic Stimulus package: REVISIT the Tax Reform Act of 1986!!

[progressivebydesign]

http://en.wikipedia.org/wiki/Tax_Reform_Act_of_1986


That Act, if some remember, was the beginning of the end for the middle and lower class. Americans, who in the 1980s were beginning the life of easier credit, were suddenly informed that their interest was no longer deductible on consumer purchases, and credit cards. IRAs saw huge restrictions, and the entire Tax Act was written to benefit the wealthiest in America.

Want to restart the economy without mailing out those checks? Change the tax code back to favor the middle and lower class BUYERS who are the engines of this economy. NOT the top 2% which are the savers.

There are aspects of that Tax Reform Act that need to be revisited and repealed. All the bailouts in the world aren't going to help the carmakers and retailers if people are over their head in debt, OR afraid to finance anything long term. While the Bush/Cheney cabal was riding high, there was SERIOUS discussion of removing the mortgage interest deduction, another slap in the face to ordinary Americans.

So. My stimulus package is a return to consumer-based economics. We have momentum right now. People are more hopeful, gas prices are down, and consumer confidence should begin edging up in the spring. As the Consumer Confidence Index goes, so goes the economy.

[SammyWinstonJack]

1. K&R!

[progressivebydesign]

2. Thanks! My post isn't sexy or controversial, but useful. imho. n/t

[SammyWinstonJack]

4. No problem and thanks for posting this!

[Sherman A1]

3. Agreed & Well Said

The working class got screwed by that charming Tax Act. Basically changed all the rules and F***'ed us all.

[SammyWinstonJack]

5. Screwed the working class royally! I remember it well.

x(

[apocalypsehow]

6. I predict you'll hear a lot of whining from those few here who support trillion dollar handouts to

Wall Street multi-millionaires. They're off pouting in another thread as we speak about what unrecognized genius's they are for supporting the failed bailout.

I think your idea is much better, and makes about a hundred times more sense. Rec. :thumbsup:

[AzDar]

7. K & R ...

[fascisthunter]

8. Here's a Link to Back Up Your Thread....

"Tax Increases Are Followed by Economic Growth

Three of the four high-growth periods cited above followed significant tax hikes.

The fourth, the Truman-Eisenhower years, began with a top tax rate of 91 percent -- it couldn't get much higher."

http://www.alternet.org/workplace/106410/tax_cuts%3A_the_b.s._and_the_facts/?page=2

Thanks to PDJane

[tom_paine]

9. K & R. Everyone who looks at this thread should rec it!

No doubt.

This is so very well said and true.

Just so. 1986. Let's get to the Genesis of the Bushification of our Nation and Cuts it's fucking heart out, turning our nation back to the decent center-left nation is was.

It makes both moral AND economic sense. How often do those two coincide?

I wish I could push a button and give this thread 100 recs. Thanks for posting ti.

:toast:

[SammyWinstonJack]

12. I wish I could rec 1000 times!

:thumbsup:

[Hannah Bell]

10. k&r

a lot of law from the reaganomics era should be revisited.

[AllieB]

11. K&R

[UpInArms]

13. thank you for being one of the very few who remember the way it could have been

k & r

and a huge

:loveya:

[progressivebydesign]

14. Wow. I'm floored by the response! It seems like the right thing to do..

from our keyboards to the ears and eyes of our Party leaders!!!

Thanks for the K&Rs.. Let's keep this idea floating wherever we can. Let's just ask; WHY NOT?????

[southerncrone]

15. You are correct about the Tax Reform Act of 1986 being the beginning of the end

for the middle & lower classes. It cut the tax rate of the top bracket IN HALF, while giving us more tax debt at the middle-class level. Took away lots of good deductions that lower & middle class taxpayers needed, like deduction of interest paid on consumer loans, credit cards, & auto loans.

Every time I see Phil Gramm, I want to strangle the turtle-headed MF!

[Stargazer09]

16. Sounds like a good plan to me!

K&R - Thanks for posting this idea. :D

[slipslidingaway]

17. K&R n/t

[avaistheone1]

18. I am all in favor of changing the tax code back the way it was in 1986.

This really needs to be done as soon as possible.

10% of the people in this country own 90% of the wealth - that is wrong. The U.S has an aristocracy which is shameful.