1984 United States presidential election in Connecticut: Difference between revisions - Wikipedia

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The economic success seen under Reagan was politically accomplished (principally) in two ways. The first was initiation of deep tax cuts for the wealthy,<ref name="taxfoundationarticle">{{cite web |url=http://taxfoundation.org/article/us-federal-individual-income-tax-rates-history-1913-2011-nominal-and-inflation-adjusted-brackets |title=U.S. Federal Individual Income Tax Rates History, 1913–2011 (Nominal and Inflation-Adjusted Brackets) |author= |date=September 9, 2011 |publisher=Tax Foundation |accessdate=November 10, 2013}}</ref> and the second was a wide-spectrum of tax cuts for [[crude oil]] production and refinement, namely, with the 1980 [[Windfall profits tax|Windfall profits tax cuts]].<ref>{{cite web | url=http://www.taxhistory.org/thp/readings.nsf/cf7c9c870b600b9585256df80075b9dd/edf8de04e58e4b14852570ba0048848b | title=Historical Perspective: The Windfall Profit Tax|date=Nov 10, 2005|author=Joseph J. Thorndike|accessdate=November 11, 2013}}</ref> These policies were augmented with a call for heightened military spending,<ref>[http://www.whitehouse.gov/sites/default/files/omb/budget/fy2013/assets/hist.pdf Historical tables, Budget of the United States Government], 2013, table 6.1.</ref> the cutting of social [[economic welfare|welfare]] programs for the poor,<ref>{{cite encyclopedia |last1=Niskanen |first1=William A. |authorlink=William A. Niskanen |editor= [[David R. Henderson]] (ed.) |encyclopedia=[[Concise Encyclopedia of Economics]] |title=Reaganomics |url=http://www.econlib.org/library/Enc1/Reaganomics.html|year=1992 |edition= 1st |publisher=[[Library of Economics and Liberty]] }} {{OCLC|317650570|50016270|163149563}}</ref> and the increasing of taxes on those making less than $50,000 per year.<ref name="taxfoundationarticle "/> Collectively called "[[Reaganomics]]", these economic policies were established through several pieces of [[Economic Recovery Tax Act of 1981|legislation]] passed between 1980 and 1987.

These new tax policies also arguably curbed several existing tax loopholes, preferences, and exceptions, but Reaganomics is typically remembered for its [[trickle-down economics|trickle down]] effect of taxing poor Americans more than rich ones. Reaganomics has (along with legislation passed under presidents [[George H. W. Bush]] and [[Bill Clinton]]) been criticized by many analysts as "setting the stage" for economic troubles in the United State after 2007, such as the [[United States housing bubble|Great Recession]].<ref name="christian science">{{cite news |title=A historic victory. A changed nation. Now, can Obama deliver? |author=Jerry Lanson |publisher=Christian Science Monitor |date=2008-11-06 |url=http://www.csmonitor.com/2008/1106/p09s02-coop.html

|accessdate=2013-11-02}}</ref>