Even Reagan Knew- Reagan Increased Taxes 7 Times To Pay for Debt
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Reagan 4 US
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Date: October 19, 2012 11:40AM
Even Reagan knew you have to raise taxes when your in debt.
Reagan’s 1982 tax hike raised $100 billion over three years, which at the time was the biggest tax increase since World War II. He also raised the tax on gasoline that year, as Sen. Simpson noted, and then raised taxes overall again in 1984 — the year he was reelected — by $50 billion over three years, primarily by rewriting the code to close business loopholes. In his second term, Reagan’s historic Tax Reform Act of 1986 increased taxes on corporations by $120 billion over five years — the largest corporate tax increase in history.