Thursday, December 26, 2013

Robert Sobel: How the GOP broke the American dream

When Ronald Reagan was elected president, he started the United States down a path of economical and social destruction. In his first four years in office, from 1981 to 1985, Reagan lowered the top income tax bracket from 70% to 50%. Over the next four years, Reagan took the top bracket from 50% and cut it down to only 28%. With the lack of revenue coming into the federal government, the national debt tripled and to make up for the loss, Reagan raided the Social Security trust fund and went on to raise taxes eleven times, primarily on working Americans.

No comments:

Post a Comment