Idiot Hannity I

Last night on Fox News' Hannity & Colmes, co-host Sean Hannity repeated the old claim that that "Reagan cut taxes and doubled revenue in eight years." during his presidency. As with many conservative claims, this is a myth.

Media Matters for America has reported that, according to the White House Office of Management and Budget (OMB), tax revenues, when adjusted for inflation to constant fiscal year 2000 dollars, receipts (revenues), grew only from $1.077 trillion to $1.236 trillion during Reagan's years in office -- an increase of less than 19%. Even in unadjusted (current) dollars, Hannity's assertion that revenues "doubled" during the Reagan administration is way off: during Reagan's presidency, revenues in current dollars increased from $599.3 billion to $909.3 billion -- an increase of slightly over 50% not a doubling.

In addition, from 1981 to 1984, tax revenues were essentially flat (from $599.3 to $666.5 billion, barely a 10% increase in unadjusted dollars, a $60 billion drop in adjusted (for inflation) dollars. Revnues started to rise AFTER tax reforms were instituted, especially the elimination of the deduction for interest on credit cards. So, lowering tax rates DID NOT increase tax revenue -- the elimination of deductions DID.

From OMB(thanks to Media Matters for America):

FISCAL YEAR	REVENUE IN CURRENT DOLLARS (billions)	REVENUE IN CONSTANT FY2000 DOLLARS (billions)
1981	599.3	1,077.4
1982	617.8	1,036.9
1983	600.6	961.7
1984	666.5	1,016.8
1985	734.1	1,082.6
1986	769.2	1,107.3
1987	854.4	1,196.1
1988	909.3	1,235.6