Tax rates don't mean anything when you wipe out all the hundreds of ways not to pay taxes, and that is what the 86 bill did!!!!
It effectually shut down the home/apartment building market that the wealthy used to convert all their taxable income to long term capitol gains, same for aircraft, machinery, etc. and anything depreciable.
A half truth is often way more effective than an outright lie.
There was supposed to be a three dollar reduction in spending for every $1 increase in taxes. That was the deal the Democratic congress agreed to with the president.
Never happened.
Reagan went to his grave waiting for the integrity of the 'Rats to emerge.
Notice the recycling of Unconstitutional smoke and mirrors? The Obamacare Monster law promises benefits 3 years down the road, but increased taxes and existing health care premiums skyrocketed immediately.
Why did the GOP fall for that old trick ------ again?
More to the point perhaps, why did the informed, employed, working non-governmental taxpayer?
No it wasn't.
Tax rates don't mean anything when you wipe out all the hundreds of ways not to pay taxes, and that is what the 86 bill did!!!!
It's true, lots of loopholes were eliminated.
It effectually shut down.....
Yup, sucked to be you.