Taxes were higher under Reagan

[Wonky Pundit]

In case anyone noticed.

Tax rates were higher for most U.S. taxpayers during much of Reagan’s presidency, though all individual taxpayers received a tax break under the 1986 tax reform law ushered in by Reagan.

In 1984, a 50 percent tax rate existed on income above $162,400 a year, although many taxpayers could find loopholes in the tax code to reduce their tax burden. Many of those loopholes were eliminated in the 1986 tax reform law signed by Reagan.

In the last year of Reagan’s presidency in 1988, there were two tax rates for individuals; a 15 percent rate for those making less than $17,850 and a 28 percent rate for those making above that level.

Today’s tax code includes six rates, with the highest tax bracket paying 35 percent on income above $379,150.

Source

 

[Dont Taz Me Bro]

In the last year of Reagan’s presidency in 1988, there were two tax rates for individuals; a 15 percent rate for those making less than $17,850 and a 28 percent rate for those making above that level.

Today’s tax code includes six rates, with the highest tax bracket paying 35 percent on income above $379,150.

How is 28% higher than 35%?

 

[boedicca]

Two things:

- Inflation.

- Reagan LOWERED taxes from rates that were even higher and cut the overall tax burden.

 

[FuelRod]

Abortion was legal too.
Have anything else irrelevant to start threads about?

 

[Seawytch]

Abortion was legal too.
Have anything else irrelevant to start threads about?

Um...it still is. Roe v Wade hasn't been overturned.

I don't think it is at all irrelevant to point out that Reagan realized that it is sometimes necessary to raise taxes...especially when so many conservatives have such a skewed view of Reagan and his presidency.