1) Thomas Jefferson reduced the national debt from $83 million to $57 million while Ronald Reagan quadrupled it from $700 billion to $3 trillion. Jefferson did so while abolishing ALL excise taxes including the whiskey tax in the first year of his presidency, and then spending $15 million to double the then size of the USA. Reagan added $2.3 trillion to the national debt while increasing and expanding the Social Security tax and the Alternative Minimum Tax.
The Tax Reform Act of 1986 was ostensibly to reduce or eliminate tax deductions. This legislation expanded the Alternative Minimum Tax (AMT) from a law for untaxed rich investors to one refocused on middle class Americans who had children, owned a home, or lived in high tax states. This parallel tax system hits middle class Americans the hardest by reducing their deductions and effectively raising their taxes. Meanwhile, the highest income earners (with incomes exceeding $1,000,000) are proportionately less affected thereby shifting the tax burden away from the richest 0.5%. In 2006, the IRS's National Taxpayer Advocate's report highlighted the AMT as the single most serious problem with the tax code. As of 2007, the AMT brought in more tax revenue than the regular tax which has made it difficult for Congress to reform. -- http://en.wikipedia.org/wiki/Reaganomics
The Wealth Redistribution Amendment was ratified in 1913. Jefferson accomplished the aforementioned without the income tax, originated by Republicans: the first US President to advocate extortion was Theodore Roosevelt - “In 1908 Theodore Roosevelt endorsed both an income tax and an inheritance tax, becoming the first President of the United States to openly propose that the political power of government be used to redistribute wealth.”
Origin of the Income Tax -- http://mises.org/daily/1597
“I come to bury Reaganomics, not to praise it.” -- http://mises.org/story/1544
Jefferson abolished taxes because he revered Rights. Reaganomics is a deceitful hocus pocus perpetrated upon a trusting people, busily working to earn a living.
2) Ayn Rand and Abraham Lincoln extolled Thomas Jefferson.
Ayn Rand worshipped: "If it is ever proper for men to kneel, we should kneel when we read the Declaration of Independence… the greatest document in human history, both philosophically and literarily."
Abe Lincoln extolled: "THE PRINCIPLES OF JEFFERSON ARE THE DEFINITIONS AND AXIOMS OF FREE SOCIETY… ALL HONOR TO JEFFERSON - to the man, who in the concrete pressure of a struggle for national independence by a single people, had the coolness, forecast, and sagacity to introduce into a merely revolutionary document an abstract truth, applicable to all men and all times, and so embalm it there that to-day and in all coming days it shall be a rebuke and a stumbling-block to the very harbingers of reappearing tyranny and oppression.”
Contrast Jefferson’s quest for precision in his defense of Rights with Reagan tactics: Reagan’s SEC chairman, who initiated the explosive growth of insider trading prosecutions in 1981, said about defining ‘unfair use’: “Once you get one, it doesn’t take sophisticated minds long to figure out where the edges are.” Laws without edges are tyrannical.
Why Businessmen Need Philosophy (page 186 – by Richard M. Salsman): “The Reagan administration strictly enforced laws against “price fixing”, “predatory pricing”, “intent to monopolize”, and horizontal mergers”… antitrust investigations averaged two hundred a year in the mid-1980s. Imprisonment for antitrust violations also continued: in 1985 more than a dozen executives from electrical contracting firms were jailed.
[Page 197: 2 “Electrical Contractors Reel Under Charges That They Rigged Bids,” Wall Street Journal, November 29, 1985. In addition to this antitrust case, of course, other successful businessmen were unjustly imprisoned under Reagan, including financier Michael Milken (under the non-objective securities laws) and hotelier Leona Helmsey (under the non-objective Federal tax code).”
Read the brutality against Wall Street under Ronald Reagan (from page 111, also by Richard M. Salsman). On page 113: “The injustice is not merely that a clear definition of insider trading is lacking, but the government makes a conscious effort to avoid defining it. Former SEC Chairman John Shad who initiated the explosive growth in prosecutions in 1981, said about naming a definition: ‘Once you get one, it doesn’t take sophisticated minds long to figure out where the edges are.’…”
Daniel Fischel, a professor of law and business at the University of Chicago Law School, wrote about the viciousness against Mike Milken, the creator of 62 million jobs, in Payback - The Conspiracy to Destroy Michael Milken and his Financial Revolution.
I depicted the utter brutality and injustice in Royal Serf. Under Reagan’s watch, businesses and good people were gestapoed by Rudy Giuliani.
http://mises.org/story/1544 -- All this was part of a drive by the administration to protect inefficient corporate managers from the dread threat of takeover bids, by which means stockholders are able to dispose easily of ineffective management and turn to new managers. Can we really say that this frenzied assault on Wall Street by the Reagan administration had no impact on the stock market crash [October 1987]?
And yet the Reagan administration has reacted to the crash not by letting up, but by intensifying, regulation of the stock market…
http://en.wikipedia.org/wiki/Ronald_Reagan -- The administration's stance toward the Savings and Loan industry contributed to the Savings and Loan crisis… partially influenced the stock market crash of 1987…
Are you a Jeffersonian or a Reaganite?