Some in the Tea Party and some GOP hardliners would like you to believe that Ronald Reagan never raised taxes. They would like you to believe that the magnificent economy that created millions of jobs under Ronald Reagan was because of his brilliant tax cuts. As usual, the real story is far more complex.
Legislated Tax Changes by Ronald Reagan as of 1988 (h/t Bruce Bartlett)
|Tax Cuts||Billions of Dollars|
|Economic Recovery Tax Act of 1981||-264.4|
|Interest and Dividends Tax Compliance Act of 1983||-1.8|
|Federal Employees’ Retirement System Act of 1986||-0.2|
|Tax Reform Act of 1986||-8.9|
|Total cumulative tax cuts||-275.3|
so here’s the other side of the coin.
|Tax Increases||Billions of Dollars|
|Tax Equity and Fiscal Responsibility Act of 1982||+57.3|
|Highway Revenue Act of 1982||+4.9|
|Social Security Amendments of 1983||+24.6|
|Railroad Retirement Revenue Act of 1983||+1.2|
|Deficit Reduction Act of 1984||+25.4|
|Consolidated Omnibus Budget Reconciliation Act of 1985||+2.9|
|Omnibus Budget Reconciliation Act of 1985||+2.4|
|Superfund Amendments and Reauthorization Act of 1986||+0.6|
|Continuing Resolution for 1987||+2.8|
|Omnibus Budget Reconciliation Act of 1987||+8.6|
|Continuing Resolution for 1988||+2.0|
|Total cumulative tax increases||+132.7|
Source: Office of Management and Budget, Budget of the United States Government, Fiscal Year 1990 (Washington: U.S. Government Printing Office, 1989), p. 4-4.