How much of the Reagan tax cuts for the wealthy from 70% to 28% trickled down to you?

Tricia ~ Hope trumps hate! 2012/05/29 08:07:58
I'm one of the 1%, so they were great for me!  I don't care what it did to the middle class or the poor.
I'm was one the 99% and based on those tax cuts I made it into the 1%, so I'm happy as a clam.
I was in the middle class and I'm still in the middle class, I don't mind that impact it made on the national debt as long as it didn't impact me.
I was poor, but the trickle down helped me into the middle class, thanks!
I was poor or middle class and I'm still waiting for the trickle down to fall on me!
I was seriously not happy with it's impact on people in my community and state then and I'm not happy with the long term consequences with the wealth of the middle class being transferred to the wealthiest Americans.
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Ronald Reagan - It happened on November
4th, 1980. The United States was at a crossroads, with high oil prices
hurting the economy and the Iran hostage crisis making the front page of
all the newspapers, Ronald Reagan defeated incumbent president, Jimmy Carter,
in a landslide. Reagan was sworn into office on January 20th, 1981 and
the "Reagan Revolution" was under way. Reagan implemented supply side
economics, or Reaganomics, which was the idea of drastically lowering
the tax rates, primarily on the wealthy, so they could have extra money
to create jobs. In theory, the wealth would "trickle down," but
the reality was much different. As Reagan lowered the top tax rate from
70% when he entered office, to 28% by the time he left eight years
later, Reagan had tripled the national debt because of the lack of
revenue brought in by the government. In order to make up for massive
losses, Reagan raised taxes eleven times, but the taxes that were raised
hit the middle class the hardest.

In 1982, Reagan implemented a five cent per gallon gasoline tax
and also increased taxes on the trucking industry. The following year
in 1983, Reagan increased the tax on Social Security, which was designed
to keep the program solvent for many years to come as the baby boomer
generation entered their retirement years. The issue that the program ran into was
that when the 1983 Social Security tax plan was passed, it was designed
to hit close to 90% of all wage and salary incomes, but as the richer
became richer and low and middle class Americans began to struggle, the
amount of taxable income lowered. By the time the economy crashed in
2008, only 83% of wages and income were eligible to be taxed for Social
Security. The tax hike hit the middle class hard, as the wealthy ran all
the way to the bank.

Of all the pieces of legislation that Ronald Reagan desecrated
during his time in office, the Sherman Antitrust Act might be the most
important. The Sherman Antitrust Act was passed in 1890 and prevented
businesses from reducing competition in the marketplace and even
required the federal government to investigate companies that were in
violation of the law. Ronald Reagan decided to stop enforcing the Sherman Act
and within a few years, local businesses started to dry up and big
companies began to take over. Local convenient and hardware stores were
disappearing while Walmart and Target stores began popping up more
frequently. Ronald Reagan's policies catered towards the wealthy and put
the economic weight on the shoulders of the middle class and the poor.

From http://www.examiner.com/article/3-conservatives-tha...
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  • Bill 2012/07/22 17:30:26
    I was poor, but the trickle down helped me into the middle class, thanks!
    Actually, lower-middle class but it helped to boost my pay and career goals way up. The company I worked for sold a lot of stuff and everyone was rewarded and the company continued to grow. The owner bought $20M of his own stock and again it took off. Impossible without Reagan and tax cuts. My bass had more money to invest and hire.
  • lm1b2 2012/05/29 13:53:58
    I was poor or middle class and I'm still waiting for the trickle down to fall...
    Still waiting for my money,just like millions of other Americans who benefited nothing from the great Actors time in the White House,the Republicans Dream President,the Ex-Democrat Ronny!
  • Tricia ~ Hope trumps hate! 2012/05/29 08:24:58
    I was seriously not happy with it's impact on people in my community and stat...
    Tricia ~ Hope trumps hate!
    "You have this fairly continuous downward trend from 1929, until just about the mid-1970s. Since then, things have really turned around, and the level of wealth inequality today is almost double what it was in the mid-1970s."


    turned level wealth inequality double mid-1970s http3 bp blogspot com-7zp
    This is several years old, so the distribution is even worse today and will be till we repair our tax system.


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