IB4 Wrote:
Jan 22, 2013 10:47 PM
President Bush cut taxes, especially on the wealthy, and according to the New York Times, "reducing revenues by about $1.8 trillion between 2002 and 2009." But as Bush cut and added, what Reagan did was even worse. Ronald Reagan came into office in 1981 with a national debt of just over $900 billion and left tripling the debt in the process. One of the leading causes of the debt exploding was because, while the government continued to spend, the revenue was no longer there to fund the programs. Reagan took a top tax rate of 70% in 1981 and cut it to 50% by the end of his first term in 1984. When Reagan left office after the 1988 elections the top tax rate was only 28%. With the government taking such a drastic pay cut, the only way it could