Your first paragraph is correct, Reagan did cut back all tax brackets.
But no, Reagan did ‘pick winners and losers’, since he also started the idea of capping deductions:
“One important footnote: While the 1986 reform supposedly had just two rates—15% and 28%—the benefit of the 15% rate and then of the personal exemptions were phased out sequentially, producing a 33% marginal rate for the upper middle class.”
Like I said early, if rich people want Trump’s support, they can start by treating him with some RESPECT. Trump doesn’t owe them jack, and I’m more than happy to see them having to spend their money in taxes, rather than giving it to Democrat superpacs.
> Like I said early, if rich people want Trump’s support, they can start by treating him with some RESPECT. <
Good grief. I’m arguing for logical and fair tax policy - not respect for Donald Trump. Not a single candidate in 2016 ran on eliminating or capping deductions on SALT, mortgage interest, or long-term medical care. They ran on reducing/reforming the federal tax burden on all of us.
My daughter in CA is married with two small children. The median home value in her market is $780K. THEY ARE NOT “RICH”. But she will get clobbered by this GOP tax plan - a plan that DISRESPECTS her and her husbands hard work building a family.