Monday, October 31, 2011

Taxes:  Ronald Reagan's Tax Increases

Republicans today prefer to forget that Ronald Reagan signed into law 11 major tax increases, including the Tax Equity and Fiscal Responsibility Act of 1982, the largest peacetime tax increase in American history.
Of course, there was still a net tax cut during the Reagan administration. ... the federal budget for fiscal year 1990 shows that revenue was $264.4 billion lower in 1988 than it would have been without the 1981 tax cut. But Reagan effectively took back half of it by his last year in office.

For more, see The Republican Idea of Tax Reform by Bruce Bartlett, October 25, 2011 at Economix.

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