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In reply to the discussion: Are we much better than the Republican-voting rednecks? [View all]Bluenorthwest
(45,319 posts)83. Oh but Reagan lowered the top rates and corporate rates, oil windfall profits tax reduced in 81
and eliminated in 88. 1981 Reagan reduced Corporate and Top Marginal rates, which were adjusted back up a bit but were never restored. 1982 saw an increase in the Payroll Taxes. The 1986 Reforms again cut the top marginal rates while 'closing loopholes'. Rates for lower incomes were increased.
" Personal income tax revenues declined from 9.4% GDP in 1981 to 8.3% GDP in 1989, while payroll tax revenues increased from 6.0% GDP to 6.7% GDP during the same period.[4] This represented a more regressive tax regime, with more revenue derived from the flat payroll tax versus the progressive income tax."
http://en.wikipedia.org/wiki/Reaganomics
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under fdr highest tax rates were something like 90%. under obama something like 32%.
ND-Dem
Feb 2015
#72
yeah, from 91 to 70%, still way higher than anything today. reagan raised taxes too. so what?
ND-Dem
Feb 2015
#74
Well, the effect of Obama's economic policies were to prevent a second great depression.
DanTex
Feb 2015
#75
Oh but Reagan lowered the top rates and corporate rates, oil windfall profits tax reduced in 81
Bluenorthwest
Feb 2015
#83
I don't disagree that Reagan's increases were largely regressive. That's why I don't think
ND-Dem
Feb 2015
#84
I never voted to deprive a person of his or her rights so I am better./NT
DemocratSinceBirth
Feb 2015
#11
There has been a slow slide. Our side is even using angry attack language in ways
newthinking
Feb 2015
#33