[Fifth Business]

"Let's tell the truth. Mr. Reagan will raise taxes, and so will I. He won't tell you. I just did." --- Walter Mondale in 1984 presidential campaign

And Reagan did just that in 1986. It was the largest tax increase in the history of the country until BJ Clinton surpassed it.

[Bogey78O]

Reagan didn't do it. Congress did. The people elected Reagan for president but they filled up the Congress with Mondale clones.

[Fledermaus]

And Reagan did just that in 1986. It was the largest tax increase in the history of the country until BJ Clinton surpassed it.

Not totally correct....it was an increase in the Social Security tax. But Reagan also won indexing and an increase in the cut off of taxable wages for Social Security and Medicare that stayed indexed.

In 1993, Clinton got the cap on Medicare removed so all wages applied. Also, Clinton took away the pre-tax deduction of 401K for Soc Sec and Medicare.

So I don't think this is the same and clearly not the "largest tax increase" as of 1986. That was the liberal spin. Unfortunately, that same tax act changed real estate losses and devalued the market causing the real reason for the S&L crisis.

[WOSG]

Not true, in 1986 the tax rates were reduced from 50% to 28%.
cap gains tax rates were increased at the insistence of Democrats, but the overall package was 'revenue neutral'.

[Reagan Man]

"Let's tell the truth. Mr. Reagan will raise taxes, and so will I. He won't tell you. I just did." --- Walter Mondale in 1984 presidential campaign
>>>And Reagan did just that in 1986. It was the largest tax increase in the history of the country until BJ Clinton surpassed it.

That's not true.

President Reagan secured passage through Congress, of the 1986 Tax Reform Act. This was historical tax reform legislation. It's biggest accomplishment was to further lower the top marginal income tax rate, from 50% to 28%. This gave American's a two tier income tax rate structure, of 15% and 28%. It benefited high and low income individuals and many corporations who didn't invest in long term equipment purchases.

[Reagan Man]

"Let's tell the truth. Mr. Reagan will raise taxes, and so will I. He won't tell you. I just did." --- Walter Mondale in 1984 presidential campaign
>>>And Reagan did just that in 1986. It was the largest tax increase in the history of the country until BJ Clinton surpassed it.

That's not true.

President Reagan secured passage through Congress, of the 1986 Tax Reform Act. This was historical tax reform legislation. It's biggest accomplishment was to further lower the top marginal income tax rate, from 50% to 28%. This gave American's a two tier income tax rate structure, of 15% and 28%. It benefited high and low income individuals and many corporations who didn't invest in long term equipment purchases.