I think Reagan was our best president but he also increased FICA taxes and cut benefits to create surplus and then spent that leaving IOUS that are being cashed in now(by borrowing) . And he started taxing SS benefits so he could spend them as general revenue too, but that increased tax revenue, Clinton expanded this. You cant add all these things together and then just say all increases in income tax revenues were due to any one thing, just because Reagan really didnt want to do those other things.
If I understand the time frame of those taxes correctly, they were towards the end of his term in office, less than two years.
So trying to make the case that those tax increases were responsible for the majority of new income, falls flat. Receipts had escalated prior to the new taxation.
Why are we having this conversation? What’s your plan to increase federal receipts if you don’t want to cut taxes to spur the economy? I’ve advocated cutting spending too, and so far you haven’t jumped on that band wagon either.
What gives?