Taxes must be raised like in the '80s and '90s

Why can't Democrats raise taxes the way “Reagan did 11 times in his office by closing loopholes on the rich, hiked gas and payroll taxes and abolished special favors; and George H. W. Bush did (including raising surtaxes on yachts, luxury sedans and jets) which cost him the election in 1992”. How is it that republicans now have no regard for the poor or middle class and are strictly now after coveting the most wealth and want it there way and damn the poor and middle class in the process who simply must accept the higher tax burden. “Now the conservatives want to force cuts in federal spending by bankrupting the country.” In the 80s Bob Dole was the one who undid a lot of the Reagan tax cuts. Where were the democrats? “The republicans (Reagan) embraced it because at some point one has to pay the bills.” “Bill Clinton continued raising taxes and it cost him both houses of Congress in 1994. The republicans had decided on an oath at this point to cut taxes for the rich no matter what. No republican dared risk breaking this oath from here forward. As the republicans now ruled the houses they chose to eliminate inheritance taxes and on inheritance income” (Newt Gingrich led the charge!). “ Capital gains taxes were cut as well. Now 62% of every dollar went to the top 1% of income earners.” Grover Norquist was the wizard behind these tax cuts that became part of the heart of the republican party that no one would dare oppose.

But Clinton throughout his career of being president and certainly at the end of his presidency vetoed as many tax cuts as he could. This is part of the reason I believe George Bush Jr. got in in 2000. He killed the necessary taxation of the rich. Grover Norquist and vice president Cheney and their lot drove the economy off a cliff.

My thoughts and suggestions are that we increase taxation more to where it was in the 80s and 90s which might be reasonable to reach and tax the buying and trading of stocks. I have been saying this to people for many years. I really believe it could pull us out of the depths of despair. But the president and Congress would have to be willing to stretch this far; it is truly the least they could do.

By Aaron Crosetto