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The phrase Reagan tax cuts refers to changes to the United States federal tax code passed during the presidency of Ronald Reagan. There were two major tax cuts: The Economic Recovery Tax Act of 1981 and the Tax Reform Act of 1986. The tax cuts popularized the now infamous phrase "trickle-down economics" as it was primarily used as a moniker by ...
The Tax Reform Act of 1986 (TRA) was passed by the 99th United States Congress and signed into law by President Ronald Reagan on October 22, 1986. The Tax Reform Act of 1986 was the top domestic priority of President Reagan's second term.
It was one of the largest tax cuts in U.S. history, [3] and ERTA and the Tax Reform Act of 1986 are known together as the Reagan tax cuts. [4] Along with spending cuts, Reagan's tax cuts were the centerpiece of what some contemporaries described as the conservative "Reagan Revolution".
The 2017 Tax Cuts and Jobs Act (TCJA), signed by then-President Trump, was the most recent major overhaul to the IRS tax code. ... Five years later in 1986, Reagan signed the Tax Reform Act, which ...
Another Reagan legacy was the expansion of the alternative minimum tax. [50] When Ronald Reagan signed the Tax Reform Act of 1986, the AMT was expanded to target middle class deductions related to having children, owning a home, or living in high tax states. In 2006, the IRS's National Taxpayer Advocate's report highlighted the AMT as the ...
Three government shutdowns in 1981, 1984, and 1986 involved federal employees being furloughed for brief periods. The shutdowns were generally used by President Ronald Reagan to pressure Congress about specific provisions in appropriations bills, or to encourage Congress to pass the bills more quickly.
The 2017 Tax Cuts and Jobs Act, signed by President Trump, was the most recent major overhaul to the IRS tax code. The legislation lowered taxes for 65% of American households, according to ...
The tax and spending cuts comprised what some contemporaries described as Reaganomics and the "Reagan Revolution". The Omnibus Budget Reconciliation Act of 1981 was remarkable for Congress's use of the Reconciliation process. President Ronald Reagan signing the Economic Recovery Tax Act of 1981 and the Omnibus Budget Reconciliation Act of 1981 ...