PAUL KRUGMAN: This Chart Disproves The GOP Fantasy About Reagan Tax Cuts

chart

The wholesale voodization of the GOP is a sight to behold; apparently the nonsense about the Reagan tax cuts having led to a vast rise in revenue is now something one must claim to believe. Anyway, a quick note about Federal revenue history.

The way I like to look at it is to compare business cycle peaks. We know that recessions reduce revenue and recoveries raise it. So it’s much more informative to look at peaks.

Read the rest at NYT >

NOW WATCH: Briefing videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.