Word: tax-cutting
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...most accounts, public education in the state weakened during his years as governor. As the public voted in a referendum to pass a major tax-cut, funding dropped. During his tenure, California slipped from 18th to 31st nationally in per pupil school financing...
...INCOME TAXES. Clinton has grabbed center stage with his tax-cut plans. But while shifting burdens from the middle class to the rich might make the tax system fairer, it would do little to stimulate the economy. Clinton would reduce the 15% and 28% rates to 13.5% and 26.5% and pay for the cuts by raising the top bracket from 31% to 38.5%. So the extra $350 a year -- or 97 cents a day -- that the plan gave the average family would simply come from the rich without creating new spending power. "This will not do anything in the long...
...uncertain dawn of the supply-side revolution. David Stockman, Ronald Reagan's Budget Director, is standing in the White House parking lot talking with Richard Darman, a powerful presidential assistant. A crisis is at hand: frenzied Republican and Democratic lawmakers are piling additional giveaways onto Reagan's tax-cut bill. Unless they can be stopped, ( the nation will be burdened with deficits in the hundreds of billions for years to come. "I don't know which is worse," says Darman, "winning now and fixing up the budget mess later, or losing now and facing a political mess immediately...
This proposed budget magic drew widespread skepticism, including George Bush's "voodoo economics" charge during the 1980 presidential primaries. Yet by 1981 Congress was eager to find a way to pump up the sagging economy. When Reagan sent Congress his tax-cut proposal, the lawmakers squabbled over the details but eventually gave the President virtually everything he wanted. In the end, the Economic Recovery Tax Act slashed personal-income tax rates 23% over three years. Reaganomics was supposed to produce a budget surplus of $500 million by 1984, but one of the Administration's master strategists, Budget Director David Stockman...
Californians in 1978 passed Proposition 13, which slashed property taxes by 51%, and cries of "tax revolt" were soon heard across the U.S. But this year voters were not in the mood for new tax-cut initiatives. In Michigan, they soundly defeated Proposal C, which was designed to roll back state and local property taxes to 1981 levels and force the state legislature to muster a four-fifths majority for income tax increases. It would also have required voter approval for all new levies. Opposing the proposition was an unusual coalition of critics, including Democratic Governor James Blanchard, the state...