Young America's Foundation wishes you a Happy Tax Day. According to the Tax Foundation, Tax Freedom Day this year was April 9. In other words, you worked from January 1 to April 9 for the government this year. This was one day longer than 2009.
President Reagan had the right idea on tax policy. Instead of passing a huge "stimulus" bill, he passed the largest reductions in tax rates in American history. According to the House Joint Economic Committee:
"The Reagan tax cuts, like similar measures enacted in the 1920s and
1960s, showed that reducing excessive tax rates stimulates growth,
reduces tax avoidance, and can increase the amount and share of tax
payments generated by the rich. High top tax rates can induce
counterproductive behavior and suppress revenues, factors that are
usually missed or understated in government static revenue analysis."
Contrast this to Obama's increases in taxes. He has raised taxes on investment income and according to ABC News, overall taxes will increase by almost $1 trillion in the next ten years.
Reagan said "the government is the problem, not the solution." Obama believes the opposite.