In 1981, Reagan signed the largest tax cut in history after Carter's dismal recession of high taxes and high unemployment. By reducing tax rates, he stabilized the economy and encouraged risk takers. The across-the-board tax cuts lowered the top income tax rates from 70% to 28%.<quoted text>
so what about the other 10 times he raised taxes?
That alone unleashed a 20 year period of entrepreneurship and the U.S. economy tripled in size.
Many of Reagan’s so-called “tax increases” were actually ending deductions. One tax increase was a temporary increase in the federal gas tax from 4 to 9 cents. Another was a cigarette tax. Neither were increases in income tax.
In 1982, Reagan reluctantly signed a tax increase with the expectation of spending cuts in return. Congress reneged on their part.
If Reagan can be criticized, it's for raising the capital gains tax rate as well as the corporate rate in 1986. But isn't that what democrats want to do now?
The criticisms of Reagan increasing the deficit has to be weighed with a growing and propserous economy and the end of the Cold War.
We're still waiting for the benefits of this administration's overbloated deficit which has increased more in 1 year than Reagan's 8 years combined. And it's only going to get worse.