08-21-2020, 6:26pm
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#15
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Barn Stall Owner #∞
Points: 25,038, Level: 100 |
Join Date: Oct 2018
Location: GFY and STFU'ville
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Gameroom Barn Bucks: $34677
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Quote:
Originally Posted by Mick
Both sides use the top tax rate as a political football. The top rate under Carter was 70%, Reagan reduced it to 50% in 1981, then to 28% in 1986. The super-rich guy who owned the company I worked for in the late '80s railed almost non-stop about how Reagan "ruined the USA", because he had to pay a gigantic amount more tax. In fact, the entire top quintile of earners saw their share of the Federal income tax skyrocket during the Reagan years.
Why? I'll give you one example: Under Carter, Country Club dues was tax deductible. Reagan got rid of that deduction, along with untold numbers of "tax shelters".
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