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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 ...
Showdown at Gucci Gulch: Lawmakers, Lobbyists and the Unlikely Triumph of Tax Reform (1987), by Jeffrey Birnbaum and Alan Murray, is a book about the bill's passage. Full text of the Act; Apps, P. F. (2010, June). Why the Henry Review Fails on Family Tax Reform. In Australia’s Future Tax System: A Post-Henry Review'Conference, Sydney
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 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 ...
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.
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