{"id":640949,"date":"2021-08-13T13:07:03","date_gmt":"2021-08-13T17:07:03","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=640949"},"modified":"2021-08-13T13:07:05","modified_gmt":"2021-08-13T17:07:05","slug":"as-biden-calls-for-higher-taxes-lawmakers-commemorate-40th-anniversary-of-reagan-tax-cuts","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/as-biden-calls-for-higher-taxes-lawmakers-commemorate-40th-anniversary-of-reagan-tax-cuts\/","title":{"rendered":"As Biden Calls For Higher Taxes, Lawmakers Commemorate 40th Anniversary Of Reagan Tax Cuts"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">28<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fas-biden-calls-for-higher-taxes-lawmakers-commemorate-40th-anniversary-of-reagan-tax-cuts%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=640949&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/08\/GettyImages-594770870.jpg?w=1200&amp;h=800&amp;ixlib=react-9.0.3\" class=\"ff-og-image-inserted\" \/><\/div>\n<p><span>August 13, 2021, marks the fortieth anniversary of President Ronald Reagan\u2019s Economic Recovery Tax Act.<\/span><\/p>\n<p><span>Among other policies, the legislation <\/span><a href=\"https:\/\/www.britannica.com\/topic\/Economic-Recovery-Tax-Act\"><span>slashed<\/span><\/a><span> the highest tax bracket\u2019s rate from 70% to 50% while cutting the lowest tax rate from 14% to 11%. In addition to policies from the Federal Reserve that ended two decades of unpredictable inflation, Reagan\u2019s tax cuts contributed to a significant economic boom in the United States.<\/span><\/p>\n<p><span>During a <\/span><a href=\"https:\/\/www.heritage.org\/taxes\/event\/celebration-the-40-year-anniversary-the-reagan-tax-cuts?utm_source=twitter&amp;utm_medium=social&amp;utm_campaign=thf-tw\"><span>Heritage Foundation<\/span><\/a><span> event on Thursday evening, several economists recalled the profound impact of the tax cuts.<\/span><\/p>\n<p><span>\u201cReagan, in effect, unleashed capitalism,\u201d said Larry Kudlow, who directed the National Economic Council during the Trump administration. \u201cI think we are in danger of re-handcuffing free enterprise and capitalism.\u201d<\/span><\/p>\n<p><span>Matt Dickerson \u2014 Director of the Grover M. Hermann Center for the Federal Budget at the Heritage Foundation \u2014 told <\/span><a href=\"https:\/\/www.foxbusiness.com\/politics\/economists-celebrate-reagan-tax-cuts-at-40-warn-of-carter-style-malaise\"><span>Fox News<\/span><\/a><span> in a statement that the tax cuts changed the course of American economic history.<\/span><\/p>\n<p><span>\u201cThe 1970s were a time of malaise, of high inflation, high unemployment, and low on opportunity. Our nation\u2019s leaders rejected American greatness and thought the American Dream was behind us,\u201d he explained. \u201cAs the tax cuts were being debated in Congress, President Reagan reassured the American people that: \u2018All the lobbying, the organized demonstrations, and the cries of protest by those whose way of life depends on maintaining government\u2019s wasteful ways were no match for your voices, which were heard loud and clear in these marble halls of government.\u2019\u201d<\/span><\/p>\n<p><span>In sharp contrast to Reagan\u2019s economic philosophy, both experts believe that the Biden administration\u2019s proposed tax policies run the risk of jeopardizing the economic well-being of American families \u2014 whether they are high income-earners or not.<\/span><\/p>\n<p><span>On the campaign trail, President Biden <\/span><a href=\"https:\/\/www.dailywire.com\/news\/4-lies-youve-been-told-about-bidens-new-budget-proposal\"><span>promised<\/span><\/a><span> that Americans earning below $400,000 would not see their taxes rise as high <\/span><a href=\"https:\/\/joebiden.com\/two-tax-policies\/\"><span>earners<\/span><\/a><span> \u201cfinally pay their fair share.\u201d Among other changes to the tax code, Biden has suggested raising the top individual income rate from 37% to 39.6%, while raising the corporate tax from 21% to 28%.<\/span><\/p>\n<p><span>Analysis from the <\/span><a href=\"https:\/\/www.dailywire.com\/news\/report-biden-policies-would-make-tax-system-more-progressive-while-cutting-economic-growth\"><span>Tax Foundation<\/span><\/a><span>, however, shows the President\u2019s budget for 2022 \u2014 which contains both provisions \u2014 would lead to 60.7% of Americans paying higher taxes while only 29% benefit from tax cuts and credits. Despite the President\u2019s campaign promises, those earning between $200,000 and $400,000 would see their average tax burden rise by $1,570. For Americans making between $500,000 and $1,000,000, the average burden would rise by $8,980.<\/span><\/p>\n<p><i><span>The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a <\/span><\/i><a href=\"https:\/\/www.dailywire.com\/subscribe\"><i><span>member<\/span><\/i><\/a><i><span>.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>August 13, 2021, marks the fortieth anniversary of President Ronald Reagan\u2019s Economic Recovery Tax Act.Among other policies, the legislation slashed the highest tax bracket\u2019s rate from 70% to 50% while &#8230;<\/p>\n","protected":false},"author":1,"featured_media":2315279,"comment_status":"close","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-640949","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/640949","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=640949"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/640949\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=640949"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=640949"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=640949"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}