- #1
zk4586
- 87
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Can any tell me, or point me to a site, or whatever about how reaganomics divided people up into various tax brackets. Specifically, who was considered wealthy?
Reaganomics refers to the economic policies implemented by President Ronald Reagan in the 1980s, which focused on reducing taxes, government regulations, and spending to stimulate economic growth.
Reaganomics introduced a major overhaul of the tax system, including a decrease in the number of tax brackets from 14 to 2 and a reduction in the top marginal tax rate from 70% to 28%. This resulted in a significant decrease in taxes for the wealthy.
Reaganomics defined wealthy as individuals earning above $85,600 or couples earning above $143,800, which was the top marginal tax bracket during his presidency. This bracket included the top 1.5% of income earners.
Yes, Reaganomics was designed to benefit the wealthy by reducing their tax burden and stimulating economic growth through trickle-down economics. However, the effectiveness and fairness of this approach are still debated.
There is evidence that Reaganomics contributed to income inequality, as the top 1% of income earners saw a significant increase in their wealth while the middle and lower classes saw little to no growth. This trend has continued in the decades since Reagan's presidency.