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Response to Trailrider1951 (Reply #4)

Thu Dec 31, 2020, 02:50 PM

31. Math!

I’ve explained this to many Rs when they were going on and on about the great Reagan 1986 bipartisan tax if 1986.

If you stayed in the same bracket (as I did) your taxes went up sharply as you had lost most deductions that were available to the unpropertied. If you were really unlucky you jumped brackets (with $0 income gain) due to the collapsing of the number of brackets from 15 to 5.

But those with higher incomes saw huge double digit tax decreases which dwarfed any loss of tax deductions. Oh, and this real property owning demographic saw the value of the home owner’s mortgage deduction increase.

It was this arithmetic dichotomy that came close to causing two different fights between me and my substantially better off good friends.

Many of us got screwed but some of us made out like bandits because the top marginal rate dropped from 50% to 35%. And, most likely, this same demographic also saw themselves pushed into a much lower starting bracket.

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stopbush Dec 2020 OP
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