Michael Schneider
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Reagan as gov of cali, much diff as pres: secure a series of tax increases that raised rates and balanced the budget, while also cutting property taxes. The sales tax was raised from 3% to 5%. The highest income tax bracket saw a rise from 7% tax to 10%.
10:47 PM - Apr 17, 2024
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Michael Schneider
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Taxes on banks, corporate profits, and inheritance were increased slightly. Liquor taxes jumped from $1.50 to $2.00 per gallon; and cigarette taxes from three cents to ten cents per pack.
10:47 PM - Apr 17, 2024
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Michael Schneider
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Lou Cannon wrote in 2003: "Reagan's proposal had the distinction of being the largest tax hike ever proposed by any governor in the history of the United States."
10:47 PM - Apr 17, 2024
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