Taxes For Entrepreneurs - Your First Tax Year
Then we got the deficiency. During a term of eight years, Bill Clinton reversed Reagan's course, raising taxes on top of the wealthy, and lowering them for the working and middle classes. This produced a long sustained economic expansion in American heritage. It produced budgetary surpluses allowing federal government to begin paying to the crippling debt begun under Reagan. In 2000, Clinton's last year, the surplus amounted to $236 zillion. The forecast of a ten-year surplus stood at $5.6 mil. It was the last black ink America would see for decades, perhaps forever.
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