...or Nixon administrations? People in general, especially top-earners, are paying less now in taxes under Obama than they have historically. Under the Republican Eisenhower administration, the wealthy were taxed 90%, and Eisenhower was no socialist. In fact, the Eisenhower years were generally some of the most prosperous and overall pleasant years the U.S. went through in modern history. Under the very conservative and anti-communist Nixon administration, top-earners were taxed 75%, yet the wealthy still supported him. The funny thing is is that the National Debt stayed pretty low for most of our history until Reagan started to play around with the economy.
Right after Reagan drastically lowered taxes for the wealthy, the U.S. went through a horrible recession. To try to combat the deficit to help his re-election chances, Reagan authorized various taxes to be raised, namely on cigarettes and gasoline, but very little was accomplished by that. Then, he expanded Social Security and dipped into those funds to further fight the deficit. Social Security has never recovered as a result. The U.S. went from being the largest creditor nation on earth under him to being the largest debtor.
That is correct, Reagan did raise taxes on everyone in other ways so it looked like he was actually lowering it.
Right after Reagan drastically lowered taxes for the wealthy, the U.S. went through a horrible recession. To try to combat the deficit to help his re-election chances, Reagan authorized various taxes to be raised, namely on cigarettes and gasoline, but very little was accomplished by that. Then, he expanded Social Security and dipped into those funds to further fight the deficit. Social Security has never recovered as a result. The U.S. went from being the largest creditor nation on earth under him to being the largest debtor.
That is correct, Reagan did raise taxes on everyone in other ways so it looked like he was actually lowering it.