We've been waiting over 30 years for 'trickle down' to happen. It never did, and it never will. The conservative era that began with Nixon and Reagan has brought us exactly WHAT? Skyrocketing prices on everything we consume. Reagan created as much debt in 8 years that ALL the presidents that preceded him accumulated...COMBINED.
Ronald Reagan was the WORST president for the small businessman/woman...The self-employment tax jumped as much as 66 percent.
In 1982, taxes were raised on gasoline and cigarettes, but the deficit hardly budged. In 1983, the president signed the biggest tax rise on payrolls, promising to create a surplus in the Social Security system, while knowing all along that the new revenue would be used to finance the deficit.
The retirement system was looted from the first day the Social Security surplus came into being, because the legislation itself gave the president a free hand to spend the surplus in any way he liked.
Thus began a massive transfer of wealth from the poor and the middle class, especially the self-employed small businessman, to the wealthy. The self-employment tax jumped as much as 66 percent.
In 1986, Reagan slashed the top tax rate further. His redistributionist obsession led to a perversity in the law. The wealthiest faced a 28 percent tax rate, while those with lower incomes faced a 33 percent rate; in addition, the bottom rate climbed from 11 percent to 15 percent.
For the first time in history, the top rate fell and the bottom rate rose simultaneously. Even unemployment compensation was not spared. The jobless had to pay income tax on their benefits.
A year later, the man who would not spare unemployment compensation from taxation called for a cut in the capital gains tax.
Thus, Reagan was a staunch
socialist, totally committed to his cause of wealth redistribution towards the affluent.How much wealth transfer has occurred through ReaganÂ’s policies? At least $3 trillion.