Ronald Wilson Reagan (Part 96)

https://i2.wp.com/www.reagan.utexas.edu/archives/photographs/large/C31673-17.jpg

Nancy Reagan photo with Lab School Honorees Tom Cruise, Bruce Jenner, Cher and Robert Rauchenberg in State Dining Room. 10/30/85.

My wife Jill loves to watch the reality show “Keeping up with the Kardashians.” Bruce Jenner who is pictured above is one of the main characters in that show since his wife is Kris Jenner is the mother of all the Kardashians.

From November of 1980, here is CBS’s coverage of Election Night. Taped from WJKW-TV8, Cleveland. This is part 1 of 3.

Lee Edwards of the Heritage Foundation wrote an excellent article on Ronald Reagan and the events that transpired during the Reagan administration,  and I wanted to share it with you. Here is the ninth portion:

Sometimes the president sided with reformers as when, after a year of hard work, he signed the Tax Reform Act of 1986 into law. In his 1984 State of the Union address, Reagan had signaled his intention “to simplify the tax code so all taxpayers would be treated more fairly.”[xxxii] An unusual coalition formed around the president’s initiative, including Democrats Richard Gephardt and Dan Rostenkowski in the House and Budget Chairman Pete Domenici and Democrat Bill Bradley in the Senate. A bipartisan deal was ultimately struck with Reagan agreeing to close existing tax loopholes if the Democrats would agree to lower marginal rates for individuals and families.

Reagan was deadly serious about the measure. In mid-December 1985, for example, he made an unusual personal visit to Capitol Hill to lobby members of Congress for his tax reform. A few days later, he telephoned House Speaker O’Neill to report that he had rounded up at least fifty Republican votes for final passage of the legislation. O’Neill had set the 50-vote requirement for bringing the bill to the floor.

Describing his plan as a “Second American Revolution,” Reagan promised that it would make taxes lower, fairer, simpler, and more productive. And it did, lowering the top marginal rate from 50 percent to 33 percent, simplifying the number of tax brackets, and increasing personal deductions so much that an estimated 4.3 million low-income families were removed from the tax rolls. At the same time, a minimum tax was established to ensure that wealthy taxpayers would not escape paying at least some income tax. And hundreds of special interest provisions, such as deductible “three martini luncheons,” were eliminated.

Reagan described his tax reform initiative as one of the proudest achievements of his administration. He called his tax reform act “the best anti-poverty bill, the best pro-family measure and the best job-creation program ever to come out of the Congress of the United States.”[xxxiii]

However, whichever way he tacked, Reagan often found himself being roundly criticized by leaders of the New Right, eager as always to find fault with a conservative for not being quite conservative enough. Richard Viguerie and others pointed out that regardless of Reagan’s successful battles to reduce income tax rates, the average American’s total tax payments had actually gone up in Reagan’s second year if you included increases in Social Security withholding. As for Reagan’s spending cuts, the New Rightists stressed, they were not absolute reductions but merely reductions in the rate of increase.

“We constantly hear nonsense about how conservatives are running everything,” remarked Terry Dolan, head of the National Conservative Political Action Committee (NCPAC). “If that were true, we wouldn’t have the biggest budget deficits in history.”[xxxiv]

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