Actually, the law passed to tax a portion of the Social Security income for higher incomes was based on recommendations of an advisory council that was formed in 1979 on how best to fund the social security system so it did not run out of money. In 1979, Jimmy Carter was President.
The law to tax a portion of Social Security benefits was started in the House. At that time (1983-1984), the House was strongly controlled by Democrats 269-166.
So let's not just blame Reagan for that. Democrats actually had more of a hand in it than Republicans did.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.