Fact number five designed to blow Republicans minds: 5. Reagan raised federal taxes eleven times. Okay, Ronald Reagan cut tax rates more than any other president – with a big asterisk. Sure, the top rate was reduced from 70% in 1980 all the way down to 28% in 1988, but while Republicans typically point to Reagan’s tax-cutting as the right approach to improving the economy, Reagan himself realized the resulting national debt from his revenue slashing was untenable, so he quietly raised other taxes on income – primarily Social Security and payroll taxes - no less than eleven times. Most of Reagan’s highly publicized tax cuts went to the usual Republican handout-takers in the top income brackets, while his stealth tax increases had their biggest impact on the middle class. These increases were well hidden inside such innocuous-sounding packages as the Tax Equity and Fiscal Responsibility Act of 1982, the Deficit Reduction Act of 1984 and the Omnibus Budget Reconciliation Act of 1987. Leave it to a seasoned actor to pull off such a masterful charade.
Posted on: Tue, 27 Jan 2015 04:17:02 +0000
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