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Well he does have the reputation of cutting

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SoxFan Member Level  Friday, 06/25/10 02:46:20 PM
Re: Briboy post# 495943
Post # of 495952 
Well he does have the reputation of cutting taxes but he was one of the biggest raiser of taxes in our history. He took many working and getting a payroll check and increased payroll taxes tremendously.

Tax Increase #1
KRUGMAN: The first Reagan tax increase came in 1982. By then it was clear that the budget projections used to justify the 1981 tax cut were wildly optimistic. In response, Mr. Reagan agreed to a sharp rollback of corporate tax cuts, and a smaller rollback of individual income tax cuts. Over all, the 1982 tax increase undid about a third of the 1981 cut; as a share of G.D.P., the increase was substantially larger than Mr. Clinton’s 1993 tax increase.

Tax Increase #2
KRUGMAN: I’m referring to the Social Security Reform Act of 1983, which followed the recommendations of a commission led by Alan Greenspan. Its key provision was an increase in the payroll tax that pays for Social Security and Medicare hospital insurance.
For many middle- and low-income families, this tax increase more than undid any gains from Mr. Reagan's income tax cuts. In 1980, according to Congressional Budget Office estimates, middle-income families with children paid 8.2 percent of their income in income taxes, and 9.5 percent in payroll taxes. By 1988 the income tax share was down to 6.6 percent—but the payroll tax share was up to 11.8 percent, and the combined burden was up, not down.

Raygun raised taxes 4 times




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