Reagans’ Income Up, Taxes Down
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I am happy President and Mrs. Reagan benefited from the new tax law. My wife and I, both teachers, were not so fortunate.
Our combined adjusted gross income was about 23% of the Reagans’ reported income. Our taxes increased, however, by about 25% even though our income only increased 3.5%.
Our increase in taxes is easily explained. We had the Individual Retirement Account deduction taken away as well as the marriage adjustment. In addition, we had a small capital gains which was fully taxed.
Hard as they may try, Republicans have never given me reason to believe they have a better deal for me. At least the Democrats with their “tax, tax, tax--spend, spend, spend” reputation use my increase in taxes to make an attempt at solving the ills of society.
BEN BOELMAN
Placentia
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