Wonky Pundit
USMB's Silent Snowden
In case anyone noticed.
Source
Tax rates were higher for most U.S. taxpayers during much of Reagans presidency, though all individual taxpayers received a tax break under the 1986 tax reform law ushered in by Reagan.
In 1984, a 50 percent tax rate existed on income above $162,400 a year, although many taxpayers could find loopholes in the tax code to reduce their tax burden. Many of those loopholes were eliminated in the 1986 tax reform law signed by Reagan.
In the last year of Reagans presidency in 1988, there were two tax rates for individuals; a 15 percent rate for those making less than $17,850 and a 28 percent rate for those making above that level.
Todays tax code includes six rates, with the highest tax bracket paying 35 percent on income above $379,150.
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