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The first tax cut (Economic Recovery Tax Act of 1981) among other things, cut the highest personal income tax rate from 70% to 50% and the lowest from 14% to 11% and decreased the highest capital gains tax rate from 28% to 20%. [1] The second tax cut (Tax Reform Act of 1986) among other things, cut the highest personal income tax rate from 50% ...
In 1981, Reagan significantly reduced the maximum tax rate, which affected the highest income earners, and lowered the top marginal tax rate from 70% to 50%; in 1986 he further reduced the rate to 28%. [35] The federal deficit under Reagan peaked at 6% of GDP in 1983, falling to 3.2% of GDP in 1987 [36] and to 3.1% of GDP in his final budget. [37]
The United States' corporate tax rate was at its highest, 52.8 percent, in 1968 and 1969. The top rate was hiked last in 1993 to 35 percent. [70] Under the Tax Cuts and Jobs Act of 2017, the rate adjusted to 21 percent.
The Economic Recovery Tax Act of 1981 lowered the top tax rate from 70% to 50%. Five years later in 1986, Reagan signed the Tax Reform Act, which lowered it again to 28%. The two acts together are ...
Tax rates on personal income, corporate revenue and capital gains plummeted. For example, the highest income tax rate when Reagan took office was 70%. He would eventually lower it to 33% .
The Tax Reform Act of 1986 was the top domestic priority of President Reagan's second term. The act lowered federal income tax rates, decreasing the number of tax brackets and reducing the top tax rate from 50 percent to 28 percent.
In fact, since its creation in 1957, the S&P 500 performed better under Trump than any ... Ronald Reagan. 1981-1989. 10.2%. ... he proposed lowering the corporate tax rate to 15% for domestic ...
The Economic Recovery Tax Act of 1981 cut the top marginal tax rate from 70% to 50%, lowered the capital gains tax from 28% to 20%, more than tripled the amount of inherited money exempt from the estate tax, and cut the corporate tax. [49] [52] Reagan's success in passing a major tax bill and cutting the federal budget was hailed as the "Reagan ...