40th Anniversary of Ronald Reagan's Tax Cuts

DerekJohnson

http://twitter.com/FreedomWorks/status/1428436863015084035

EwaDawg

'merica is better off celebrating the 40th anniversary of his passing. . . .(It's really a shame that he actually lost his mind while acting the role of POTUS).

RaceBannon

EwaDawg said:

'merica is better off celebrating the 40th anniversary of his passing. . . .(It's really a shame that he actually lost his mind while acting the role of POTUS).

Ironic

fieldgoalssuk

Celebrating 40 years of the deficit exploding. Chart that number against the tax cuts.

Fire_Marshall_Bill

40 years of the rich getting way richer

DerekJohnson

Fire_Marshall_Bill said:

40 years of the rich getting way richer

That's a lazy response

greenblood

All Reagan did was use common sense by lowering the tax rate but removing many of the loopholes. The net tax difference if I remember wasn’t that much. He just simplified it. Now you get the Obama and Biden’s of the world promising these massive tax increases, but throwing in loopholes that the uber rich can take advantage of. In the end, fucking over the middle class. But of course schmucks like Kobe gobble that shit up.

GreenRiverGatorz

greenblood said:

All Reagan did was use common sense by lowering the tax rate but removing many of the loopholes. The net tax difference if I remember wasn’t that much. He just simplified it. Now you get the Obama and Biden’s of the world promising these massive tax increases, but throwing in loopholes that the uber rich can take advantage of. In the end, fucking over the middle class. But of course schmucks like Kobe gobble that shit up.

That's not quite true. The effective tax rate definitely still plummeted due to Reagan's cuts, though obviously not as drastically as the headline marginal tax rates would suggest (and anyone who just talks about marginal rates is either a liar or an idiot).

Here's a good interactive graphic that charts effective rates by income and filing status. It's pretty clear that the '81 and '86 tax cuts had a huge net tax decrease, and it was more pronounced the higher your income. On the whole, Reagan signed arguably the most regressive tax bills in U.S. history. The GOP turning him into a modern day idol for "common man" conservatives is one of the greatest propaganda achievements of the 20th century. The guy was the definition of an elite and he had the fiscal policy to back it up.

https://qz.com/74271/income-tax-rates-since-1913/