Income taxes were first levied to pay for the Civil War. After the Civil War, personal income taxes were abolished and there were basically no income taxes from 1868 to 1913. Taxes on liquor and tobacco were the chief sources of revenue for the Federal government. To fund the U.S. participation in World War I, [...]
Entries Tagged as 'voodoo economics'
Voodoo Economics Versus Outright Fraud
July 16th, 2010 · Comments Off · Capitalism, Politics, Populism, Wall Street
Here’s what “Voodoo Economics” is all about. Voodoo Economics refers to a theory put forth by economist Arthur Laffer in 1980…and perhaps remains his personal approach…that says that when you cut taxes the economic benefits that will accrue from that greater spending capacity will so greatly increase the domestic output that the resulting taxes will [...]
Tags: Arthur Laffer·austerity·Neocon economics·Neoconservative tax cuts for the rich·Neoconservatives·Reaganomics·Right Wing Neoconservatives·tax cuts·voodoo economics
Reagan and the Biggest Lie
January 3rd, 2010 · 2 Comments · General, Media, Politics, wars and militarism
In 1980, Ronald Reagan had been preparing to become President, a role he had cherished, for at least ten years. He wanted it more than his acting career. Reagan had stumbled into acting. He had the two essential requirements, for a motion picture actor of his early days… a pleasing face and a distinctive voice. [...]
Tags: Add new tag·conservatism·Ronald Reagan·social safety net·voodoo economics