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Reagan Budget Director Stockman: “Ryan’s budget FAILS to acomplish . . .

the only thing it sets out to do — solve the deficit — despite claims from Washington journalists that his plan is “serious.”

VIA: Think Progress

FREELAND: You worked for Ronald Reagan. Do you think the American economy — so you’re, like, a red-blooded capitalist — could it sustain higher taxes than it has now?

STOCKMAN: Absolutely. In 1982, we were looking at the jaws of the worst recession since the 1930s. We overdid it in 1981, cut taxes too much. We came back with a big deficit reduction plan in 1982.

Unemployment’s at 10 percent, the economy is in dire shape, and WE RAISED TAXES by 1.2 percent of GDP, which would be $150 billion a year right now — not 10 years down the road — but RIGHT NOW.

http://thinkprogress.org/2011/05/01/stockman-absolutely-raise-taxes/

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my thoughts:

Eliminate the Bush tax cuts and the oil subsidies; and fund the IRS to go after the off-shore corporate and personal tax evaders, and you won’t need to raise taxes by 1.2 percent of GDP.

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May 2, 2011 Posted by | deficit reduction | , , , , , | 1 Comment