After the election of Ronald Reagan in 1980, the American economy adopted the economic theory of "Reaganomics," or supply-side economics. This theory stats that if the wealthy are given tax breaks and other economic relief, they will be able to create more jobs for workers which will create more wealth in the process. The top tax rate started at 70 percent when Reagan took office in 1980 and by the time he left in January of 1989, the top tax rate had dropped to 28 percent. In this time, the national debt had tripled after Reagan had increased the military budget, put the squeeze on union workers and put the idea of "greed is good" into the minds of "wanna be" millionaires. examiner/article/confirmed-from-1979-to-2007-top-1-percent-saw-their-income-nearly-quadruple
Posted on: Thu, 25 Jul 2013 23:43:12 +0000
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