… [T]o call me one [an Englishman] without those rights is like calling an ox a bull.  He’s thankful for the honor, but he’d much rather have restored what’s rightfully his.

—- Benjamin Franklin, “1776”

       The Reagan Reverie (“Revolution?”) continues: Republican (fascist/socialist) President Reagan signs the Kemp-Roth Economic Recovery Tax Cut Act:

• Decreasing the number of personal “income” tax brackets from 28 to 15;
• Decreasing the lowest personal rate on the first 2,200 “dollars” earned from 14% to 11% of the first 2,300 “dollars” earned; and 

• Decreasing the highest personal rate on amounts earned over 108,300 “dollars” from 70% to 50% on amounts earned over 81,800 “dollars.”

       NOTE: This reduction in tax rates is not intended to reduce the size of the Federal government, but rather to increase its revenues.

       Postscript: Four years later Federal revenues had expanded 22% to over 734,000,000,000 “dollars,” Federal spending had expanded 40% to over 946,000,000,000 “dollars,” and the national debt—without accounting gimmicks—had nearly doubled to 1,800,000,000,000  “dollars.”

       [updated 8/9/2025]