Ronald Reagan died 11 years ago, and his presidency ended a quarter century ago. But my, how his tax-cutting ideas live on.
The living legacy of Reaganomics, or supply-side economics, is that tax rates keep falling all over the world. Imitation really is the sincerest form of flattery.
After Reagan cut the top marginal individual income tax rate from 70% in the late 1970s to 28% by the end of his presidency in 1989, a funny thing happened: Rates started falling like dominoes in nearly every corner of the globe. The punitive rates of 60%, 70% and more that were the worldwide norm in the '70s are today almost all gone — and seem as outdated as
Bee Gees music...
Bee Gees music...