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North Face Down Jackets Economic policy trickle-down, supply-side, tax-cutting economics doesn’t work. It has been tried, he said, and it has never worked. Is he right Or is this just more political blather To see, we need to go back to basics, back to Reaganomics.
Ronald Reagan swept into Washington touting the theory The North Face Men’s Apex Bionic Jacket Black Discount of trickle-down economics. The idea was simpleby reducing federal tax rates, government would leave more money in the market, which would bolster the economy, which would generate jobs and The north face Women’s denali Gore Tex Jacket Black Clearance goods, which would increase total income, which would ultimately produce enough tax revenue to make up for the initial reduction in taxes. In a speech in February 1981, North Face Gore Tex Waterproof Reagan declared that his plan, labeled voodoo economics a year earlier by his eventual running mate, George H. W. Bush, would eliminate the nation’s budget deficit and produce a surplus by 1984.The Economic The North Face Mens Polyester McMurdo Parka Black Sale Recovery Tax Act of 1981 known as the Kemp-Roth Act cut $750 billion in federal tax revenue over five years. Individual income taxes were reduced across the board by North Face Women GoreTex Jacket 5% the first year and 10% the following two years. The top tax rate was lowered from 70% to 50%. The government also cut taxes on capital gains and inheritance. Five years later, Reagan’s Tax Reform Act The North Face Mens Womens Denali Hoodie Fleece Black Outlet of 1986 reduced rates even further, lowering the maximum tax on the highest-earning individuals to only 28%, the lowest in more than half-a-century.Although Kemp-Roth lowered nearly everyone’s federal income tax burden, its chief beneficiaries were wealthy Americans and businesses. Thanks in great measure to reduced taxes on capital gains, the top 1% of American earners saw their incomes grow by 23% between 1980 and 1983. Real income for the poorest 20% of Americans.