Ronald Reagan is loved by conservatives and was loved by big business throughout his presidency and theres a reason for it. When Reagan came into office in January of 1981, the top tax rate was 70%, but when he left office in 1989 the top tax rate was down to only 28%. As Reagan gave the breaks to all his rich friends, there was a lack of revenue coming into the federal government. In order to bring money back into the government, Reagan was forced to raise taxes eleven times throughout his time in office. One example was when he signed into law the Tax Equity and Fiscal Responsibility Act of 1982. Reagan raised taxes seven of the eight years he was in office and the tax increases were felt hardest by the lower and middle class.
Posted on: Thu, 27 Feb 2014 23:51:50 +0000
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