You know, I never called it that. That wasn't my choice. I've always thought that what we put in operation there was the people's program, your program. And anyway, Reaganomics, that was better than taxonomics, and the last thing we need is more taxes for more spending. And if they can't get that straight, then I am prepared to veto their budget-busting appropriation bills, again and again and again.
Tax rates affect prices for working, saving, and investment.
And when you raise the price of those productive activities, you get less of them and more activity in the underground economy and the tax shelters. And if you're in business, you know you can't force the public to buy products that aren't selling by raising the price. Too many in Washington and across the country still believe that we can raise more revenues from the economy by making it more expensive to work, save, and invest in the economy. And since the top rate of personal income tax was lowered from 70 to 50 percent in 1981, we're collecting more revenues from this consolidated 50-percent tax bracket than we were when it was 70 percent. And that's the secret of good taxes.