Taxes
Federal income tax rates fell during the Ronald Reagan years—no surprise there. But according to March data from the
Tax Policy Center, rates have continued to drop steadily across all income levels since Reagan left office. A family of 4 at an upper income level (or twice the median) paid an average of 15.2 percent in taxes in 1988, but 12.9 percent in 2011; those at median income paid 9.3 percent in 1988 and 5.6 percent last year. And those at the very bottom got money back last year, mostly as a result of the Earned Income Tax Credit – unlike in 1988, when they paid 5.2 percent.
