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The tax cuts popularized the now infamous phrase "trickle-down economics" as it was primarily used as a moniker by opponents of the bill in order to degrade supply-side economics, the driving principle used to promote the tax cuts. The first tax cut (Economic Recovery Tax Act of 1981) among other things, cut the highest personal income tax rate ...
The Economic Recovery Tax Act of 1981 (ERTA), or Kemp–Roth Tax Cut, was an Act that introduced a major tax cut, which was designed to encourage economic growth. The Act was enacted by the 97th Congress and signed into law by U.S. President Ronald Reagan .
Title Director Cast Genre Notes Calamity Jane and Sam Bass: George Sherman: Yvonne De Carlo, Howard Duff, Dorothy Hart: Western: Universal: Canadian Pacific: Edwin L. Marin: Randolph Scott, Jane Wyatt, J. Carrol Naish
The two acts together are known as the Reagan tax cuts. When Reagan took office, the top rate was 33% higher than it is today (37%), and when he left office, it was 9% lower. Bill Clinton, 1993-2001
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 ...
Major examples of what critics have called "trickle-down economics" in the US include the Reagan tax cuts, [5] the Bush tax cuts, [6] and the Trump tax cuts. [7] Major UK examples include Margaret Thatcher's economic policies in the 1980s and Liz Truss's mini-budget tax cuts of 2022, [8] which was an attempt to revive such Thatcherite policies. [9]
In 1982 Reagan agreed to a rollback of corporate tax cuts and a smaller rollback of individual income tax cuts. The 1982 tax increase undid a third of the initial tax cut. In 1983 Reagan instituted a payroll tax increase on Social Security and Medicare hospital insurance. [25] In 1984 another bill was introduced that closed tax loopholes.
For example, the highest income tax rate when Reagan took office was 70%. He would eventually lower it to 33% . Read more: Project 2025 plan calls for demolition of NOAA and National Weather Service