How many times did President Ronald Reagan raise taxes and what was his rationale?
Actually, he didn't, at least not personal income tax rates; he reduced tax rates in 1982, then again in 1987, and once more in 1988, which was two rates, 15% and 28%.
Having said that, growth topped out as early as 1984 and tumbled from that point until the end of his administration in 1989, and ended in a recession in 1990, that bottomed out in 1991 with the highest debt and deficit in the history of the United States until faced with the Bush II lagacy.
According to what I've read he raised taxes 11 times. That does not include eliminating tax dedutions such as credit card and car loan interest. (Which is the same a raising taxes in my opinion.)
While he was in office he increased military spending and was unable to cut domestic spending programs. Our debt according one report went from 700 Billion to 3 Trillion. The payroll tax hike of 1983 was done to maintain social security and medicare.
However it was due to the increase spending on military that grew the country's employment. Companies such as Boeing, Northrup, General Dynamics, and Ford Aerospace were hiring lots of people. Employees were buying products and the stock market boomed. After Russia changed it's strategy and the wall came down in Germany military spending decreased significantly. The stock market crashed and the looming of a recession was around the corner. The following article has more details. http://www.cbsnews.com/8301-503544_162- … 03544.html
As most things are in life with the passage of time we only remember the booming economy years.
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