CHAPTER 12 The Truth about the Trust Fund
What do you do when you want to screw only the working people of your nation with the largest tax increase in history and hand those trillions of dollars to your wealthy campaign contributors yet not have anybody realize you’ve done it? If you’re Ronald Reagan, you call in Alan Greenspan.
Through the Golden Age of the middle class—from 1940 to 1980—the top income tax rate for the superrich had been between 70 and 90 percent. Ronald Reagan wanted to cut that rate dramatically, to help out his political patrons. He did this with a massive tax cut in the summer of 1981.
The only problem was that when Reagan took his meat ax to our tax code, he produced mind-boggling budget deficits. Voodoo ...