As you can see, all income quintiles did better under Clinton even than under Reagan.
But I have heard that if you factor in the losses from government spending cuts, only the top 20% saw an increase in income under Reagan and Bush 1. The entire bottom 80% of the population actually lost money. Since 80% of the population has had wages frozen to declining for 30 years now, the only way their income is growing is because they are taking on second jobs, working longer hours, or putting the wife or girlfriend to work.
That’s the thing about tax cuts. They don’t make sense unless you’re rich. If you are below median income ($50,000/yr) than every dime they give you in a tax cut is going to be taken away in a variety of ways, mostly by spending cuts.
We’ve had 30 years of endless tax cuts. Who feels richer? I don’t.
More on how tax cuts don’t work here.
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