This is an article from National Review dated September 15, 2003. It shows how Ronald Reagan raised California's taxes by $1 Billion in 1967.
Back then, the price of gold was $35 per ounce. Today it's at approximately $800 per ounce. Thus, by using the fixed price of gold as a measure of inflation, one dollar ($1) in 1967 is equal to approximately twenty-two dollars ($22) today. Thus, Reagan's tax increase in California equals $22 Billion in today's dollars, if inflation is adjusted by the corresponding change in the price of gold. (Using the CPI as a way of measuring inflation, the tax increase equals about $10 Billion in today's currency--still nothing to sneeze at.)
It's funny how fiscal conservatives are quick to point out Gov. Mike Huckabee's miniscule tax increases, yet they conveniently forget how Gov. Reagan raised taxes in California by $10 to $22 Billion (depending upon the way inflation is measured).
Yet, as we all know, Reagan was one heck of a tax-cutting President.
So will Mike Huckabee!
read more digg story
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment