'Reagan's place in history as a tax cutter nothing more than false mythology'

Subscribe to Oneindia News

Washington, Feb 5(ANI): Former United States President Ronald Reagan, who is often hailed as a tax cutter willing to make hard choices, actually ended up raising taxes - eleven times.

According to CBS News, it is certainly true that Reagan entered office as a full-throated conservative vowing to cut both spending and taxes.

He quickly followed through on part of that promise, passing a major reduction in marginal tax rates.

According to author Lou Cannon, the top marginal rate fell from 70 percent when he came into office to 28 percent when he left.

However, former Republican Senator Alan Simpson, a longtime Reagan friend, said that following that initial tax cut, Reagan ended up raising taxes eleven times.

Historian Douglas Brinkley, who edited Reagan's diaries, confirmed it saying that the former President was never afraid to raise taxes.

"He knew that it was necessary at times. And so there's a false mythology out there about Reagan as this conservative president who came in and just cut taxes and trimmed federal spending in a dramatic way. It didn't happen that way. It's false," Brinkley said.

Reagan had served as the 40th US President from January 20, 1981, to January 20, 1989. (ANI)

Please Wait while comments are loading...