But, guess what? It was under Reagan that the ability of ordinary wage earners to avail themselves of something similar, called income averaging, was removed. Reagan, the man of the ordinary people. Of course.
An existing provision in the tax code, called Income Averaging, which reduced taxes for those only recently making a much higher salary than before, was eliminated (although later partially reinstated, for farmers in 1997 and for fishermen in 2004).
Not too surprising that the Right's usual suspects got their access to the provision restored.