Many conservatives point to Ronald Reagan as their champion of smaller government and lower taxes. It was his mantra and part of the reason he enjoyed two terms in the White House. His emergence as a national figure raised awareness of all things conservative.
But when it came to taxes, ‘The Gipper’ seems to have been more a realist than strict ideologue. As governor of California, Reagan agreed to the largest tax increase in the state’s history to deal with a $200 million deficit.
As president, Reagan agreed to raise taxes in 1982, ’83, and ’86. President Reagan signed the Tax Equity and Fiscal Responsibility Act, which increased taxes on business and added new excise taxes on tobacco, alcohol, and other goods. In 1983 … as part of an agreement to shore up the short-term fiscal stability of Social Security, Reagan agreed to legislation that increased payroll taxes.
In 1986, Reagan pushed tax reform that simplified the income tax rate structure and closed many loopholes.
I think President Reagan should be admired for working with Congress in the pursuit of fiscal responsibility … even when it meant raising taxes.
Our thought for today is from Benjamin Franklin:
“But in this world nothing can be said to be certain, except death and taxes.”