[T]o call me one [an Englishman] without those rights is like calling an ox a bull.  He’s thankful for the honor, but he’d much rather have restored what’s rightfully his.

—- Benjamin Franklin, “1776”

       Republican (fascist/socialist) President Reagan signs the Internal Revenue Code of 1986:

• Decreasing the number of personal “income” tax brackets from 15 to 2;
• Increasing the lowest personal rate on the first 2,300 “dollars” earned from 11% to 15% of the first 17,850 “dollars” earned;
• Decreasing the highest personal rate on amounts earned over 81,800 “dollars” from 50% to 28% on amounts earned over 17,850 “dollars”; and
• Indexing the tax brackets for inflation (depreciation of the Federal Reserve Note).

       NOTE: The TRA of 1986 ended interest deductions for consumer loans, but preserved the interest deductions for primary and secondary mortgage loans, thus discouraging homebuyers from paying off their mortgages, and encouraging them to stay in debt by borrowing against their equity for further consumption.

       [updated 9/12/2025]

      Commander-in-Chief Reagan issues Proclamation 5557: “The United states has a clear policy of combatting terrorism and of refusing to make concessions to terrorists.”

       Postscript: One-month later Reagan was caught in the Iran/Contra/(cocaine?) scandal trading arms for hostages, making concessions to the Hiz`b-Allah (Hezbollah) (Arabic for “Party of God”) terrorists in Lebanon.

       [added 12/10/2022] Thanks to Jim Lorenz for this entry.