As Tax Day draws to a close, I would like to leave us with this one last item…
It will be interesting to see how the GOP explains away these actions by their patron saint, St Ronnie of Beverly Hills…
Click the link and you can see the video- if you can stomach watching Ronnie in action….
This isn’t the first time Americans have had to deal with a tax code that lets the nation’s richest firms get away with shirking their tax responsibilities. In the middle of his presidency, then-president Ronald Reagan learned that a number of big corporations, including his former employer, General Electric, were completely escaping paying federal corporate income taxes. “I didn’t realize things had gotten that far out of line,” Reagan told his Treasury secretary, Donald T. Regan, according to his 1988 memoir.
So Reagan undertook a comprehensive tax reform effort that actually raised the corporate taxes and closed numerous loopholes that allowed big firms to dodge their tax responsibilities. As part of these reforms, Reagan passed the 1986 Tax Reform Act. This law “raised corporate taxes by $120 billion over five years and closed corporate tax loopholes worth about $300 billion over that same period.”
During the signing ceremony for the speech, Reagan explained that his goal in pursuing these reforms was to make sure “that everybody and every corporation pay their fair share”:
REAGAN: We’re going to make it economical to raise children again. Flatter rates will mean more reward for that extra effort, and vanishing loopholes and a minimum tax will mean that everybody and every corporation pay their fair share.
via ThinkProgress » FLASHBACK: Ronald Reagan Raised Corporate Taxes To Force Tax Dodgers To ‘Pay Their Fair Share’.
One response to “FLASHBACK: Ronald Reagan Raised Corporate Taxes To Force Tax Dodgers To ‘Pay Their Fair Share’”
Thanks for this post!