Number of American taxpayers who claimed more than $1 million in income in 1980: 4,400
Number of American taxpayers who claimed more than $1 million in income in 1987: 35,000
Share of income tax burden borne by the top 10% of taxpayers in 1981: 48%
Share of income tax burden borne by the top 10% of taxpayers in 1988: 57.2%
Total growth of Real GDP 1983-1990: 35.7%
Total growth of Real GDP 1991-1999: 33%
Total federal revenues 1980: $517 billion
Total federal revenues 1990: More than $1 trillion
(in constant inflation-adjusted dollars, this was a 28% increase)
Revenues from individual income taxes 1980: $244 billion
Revenues from individual income taxes 1990: $467 billion
(in inflation-adjusted dollars, this amounts to a 25% increase)
The Reagan-created economic boom lasted 92 months without a recession, from November 1982 to July 1990, the longest period of sustained growth during peacetime and the second-longest period of sustained growth in U.S. history.
The growth in the economy lasted more than twice as long as the average period of expansions since World War II
The American economy grew by about one-third in real inflation-adjusted terms.
This was the equivalent of adding the entire economy of East and West Germany or two-thirds of Japan’s economy to the U.S. economy.
From 1950 to 1973, real economic growth in the U.S. economy averaged 3.6 percent per year.
From 1973 to 1982, it averaged only 1.6 percent.
The Reagan economic boom restored the more usual growth rate as the economy averaged 3.5 percent in real growth from the beginning of 1983 to the end of 1990.
Proportion of total income taxes paid by the top 1% 1981: 18%
Proportion of total income taxes paid by the top 1% 1988: 28%
Doesn’t matter how the left tries to revise the record, history shows Reagan’s fiscal responsibility is by far the most successful economic policy of the entire 20th century.
What he did to the tax structure in this country brought about a boom equaled by no other US President.
He won the Cold War without firing a shot and put the Soviets where they belong – on the trash heap of failed governing systems.
Think what Reagan could have accomplished had he a Republican Congress that would work with him, rather than a Democratic Congress that worked against him.
Happy Birthday, Ronald Reagan.