Reaganomics Tax Brackets: Who Was Considered Wealthy?

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In summary, Reaganomics was a set of economic policies implemented by President Ronald Reagan in the 1980s aimed at reducing government regulation and taxes to stimulate economic growth. As part of this, tax brackets were adjusted, with the top tax rate being lowered from 70% to 50% for the wealthiest Americans. This change was seen as controversial, with some arguing that it favored the wealthy and increased income inequality. However, supporters of Reaganomics believed that it would ultimately benefit the economy as a whole.
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zk4586
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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?
 
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The most important changes to the personal tax code since the World War II rate increases were made during the Reagan administration in the 1980s. In 1981, the Economic Recovery Tax Act (ERTA) reduced the top rate by almost 30 percent—from 70 to 50 percent—and all other rates by approximately 23 percent over a three-year period.
Taken from; http://www.tcf.org/Publications/Basics/Tax/History.html

You might also try;

http://www.cato.org/dailys/6-06-97.html

http://www.ncpa.org/ba/ba158.html
 
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Sorry if I am wrong but since the topic is Reagan HOMEWORK help shouldn't this be in the HOMEWORK help section?
 

1. What is Reaganomics?

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.

2. How did Reaganomics affect tax brackets?

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.

3. Who was considered wealthy under Reaganomics?

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.

4. Did Reaganomics benefit the wealthy?

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.

5. Did Reaganomics lead to income inequality?

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.

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