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The phrase Reagan tax cuts refers to changes to ... a tax increase that passed the House in ... billion for the second tax cut. Revenues grew from 1982 to 1987 by a ...
Offsetting these cuts, the act increased the alternative minimum tax and eliminated many tax deductions, including deductions for rental housing, individual retirement accounts, and depreciation. Although the tax reform was projected to be revenue-neutral, it was popularly referred to as the second round of Reagan tax cuts (following the ...
The net effect of all Reagan-era tax bills resulted in a 1% decrease of government revenues (as a percentage of GDP), with the revenue-shrinking effects of the 1981 tax cut (-3% of GDP) and the revenue-gaining effects of the 1982 tax hike (~+1% of GDP), while subsequent bills were more revenue-neutral. [21] However, tax revenue itself nominally ...
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 ...
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.
Reagan undid 40% of his 1981 tax cut, in 1983 he hiked gas and payroll taxes, and in 1984 he raised tax revenue by closing loopholes for businesses. [42] According to historian and domestic policy adviser Bruce Bartlett, Reagan's 12 tax increases over the course of his presidency took back half of the 1981 tax cut. [43]
To ensure that wealth would be a long-lived family entitlement, Reagan instituted a 300% increase in inheritance tax protections through estate tax exemptions in his first budget. In 1980, the ...