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Politics : PRESIDENT GEORGE W. BUSH
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To: Scumbria who wrote (139158)4/18/2001 5:23:15 PM
From: Neocon  Read Replies (1) of 769670
 
Income Tax Revenues (1980s)
Total income tax collected in the 1980s
(in billions of real dollars)
Year Revenue (billions of real dollars) Comments
1981 312.5 5% tax rate cut this year
1982 287.7 10% tax rate cut this year
1983 275.3 10% tax rate cut this year
1984 290.6
1985 302.7
1986 346.5 3% tax rate cut for top marginal rate
Capital gains rate raised from 20% to 28% this year
AMT changed to ensure most upper income taxpayers pay at least 31%
1987 325.0
1988 349.0
1989 354.4
Source: IRS Statistics of Income.

Note that the Reagan tax cut, phased in from late 1981 to 1983 produces an immediate increase in revenue, as opposed to the decreases portrayed by opponents. In addition, the increase in the capital gains tax more than outweighed the "revenue neutral" top marginal rate cut of 3%. And as a result, capital gains revenues decreased for the first time in over a decade.

reagan.webteamone.com
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