💰 A New Beginning Pt 3 — RNC Acceptance Speech, Detroit MI – Ronald Reagan 1980 * PITD

💰 A New Beginning Pt 3 — RNC Acceptance Speech, Detroit MI – #RonaldReagan 1980 * PITD
July 17, 1980 Detroit MI. Excerpt
On that date we are going to initiate action to get substantial relief for our taxpaying citizens and action to put people back to work. None of this will be based on any new form of monetary tinkering or fiscal sleight-of-hand. We will simply apply to government the common sense we all use in our daily lives.
Work and family are at the center of our lives; the foundation of our dignity as a free people. When we deprive people of what they have earned, or take away their jobs, we destroy their dignity and undermine their families. We cannot support our families unless there are jobs; and we cannot have jobs unless people have both money to invest and the faith to invest it.
These are concepts that stem from the foundation of an economic system that for more than two hundred years has helped us master a continent, create a previously undreamed of prosperity for our people and has fed millions of others around the globe. That system will continue to serve us in the future if our government will stop ignoring the basic values on which it was built and stop betraying the trust and good will of the American workers who keep it going.
The American people are carrying the heaviest peacetime tax burden in our nations history and it will grow even heavier, under present law, next January. This burden is crushing our ability and incentive to save, invest and produce. We are taxing ourselves into economic exhaustion and stagnation. This must stop. We must halt this fiscal self-destruction and restore sanity to our economic system.
I have long advocated a 30 percent reduction in income tax rates over a period of three years. This phased tax reduction would begin with a 10 percent down payment tax cut in 1981, which the Republicans in Congress and I have already proposed.
A phased reduction of tax rates would go a long way toward easing the heavy burden on the American people. But, we should not stop here.
Within the context of economic conditions and appropriate budget priorities during each fiscal year of my Presidency, I would strive to go further. This would include improvement in business depreciation taxes so we can stimulate investment in order to get plants and equipment replaced, put more Americans back to work and put our nation back on the road to being competitive in world commerce. We will also work to reduce the cost of government as a percentage of our Gross National Product.
The first task of national leadership is to set honest and realistic priorities in our policies and our budget and I pledge that my Administration will do that.
When I talk of tax cuts, I am reminded that every major tax cut in this century has strengthened the economy, generated renewed productivity and ended up yielding new revenues for the government by creating new investment, new jobs and more commerce among our people.
The present administration has been forced by us Republicans to play follow the leader with regard to a tax cut. But, we must take with the proverbial grain of salt any tax cut proposed by those who have given us the greatest tax increase in our history.
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Thanks to the economic policies of the Democratic party, millions of Americans find themselves out of work. Millions more have never even had a fair chance to learn new skills, hold a decent job, seize the opportunity to climb the ladder and secure for themselves and their families a share in the prosperity of this nation.
It is time to put Americans back to work; to make our cities and towns resound with the confident voices of men and women of all races, nationalities and faiths bringing home to their families a decent paycheck they can cash for money.
For those without skills, well find a way to help them get skills. For those without job opportunities, well stimulate new opportunities, particularly in the inner cities where they live. For those who have abandoned hope, well restore hope and well welcome them into a great national crusade to make America great again!Show more

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Reagan Presidential Library:
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http://www.reaganfoundation.org