Reagan-era tax cuts transferred over 35 billion to high-income families

Evidence

The tax and welfare cuts pushed through by the first Reagan administration meant that low-income families lost at least 23 billion in income and federal benefits, while high-income families gained more than 35 billion. ‘The old charmed circle of the poor getting richer as the rich get richer is being superseded by the trend of poorer poor and richer rich, as the proliferation of low-wage jobs simultaneously enlarges an affluent market of non-producers and bosses.’ — Alex Callinicos, Against Postmodernism, 599

Categorization

• SHARE: Concrete dollar figures on Reagan’s redistribution (23 billion lost by low-income, 35 billion gained by high-income) worth sending to anyone working on inequality or the economic preconditions of cultural theory.
• XREF: connects to: The Reagan-Thatcher era redistributed wealth from poor to rich rather than abandoning Keynesianism — Alex Callinicos, Against Postmodernism: A Marxist…, 601

Broader Connections

• The Reagan-Thatcher era redistributed wealth from poor to rich rather than abandoning Keynesianism #corroborates (0.90) — Alex Callinicos, Against Postmodernism, 601