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Reagan gives a televised address from the Oval Office, outlining his plan for tax reductions in July 1981.. Reaganomics (/ r eɪ ɡ ə ˈ n ɒ m ɪ k s / ⓘ; a portmanteau of Reagan and economics attributed to Paul Harvey), [1] or Reaganism, were the neoliberal [2] [3] [4] economic policies promoted by U.S. President Ronald Reagan during the 1980s.
In 1980 Ronald Reagan was elected and promised to cut the top marginal tax rate. This he did, and the top marginal tax rate was lowered over his 8 years in office from 73% to 28% on incomes over just $29,750 - the lowest this rate had been since 1925. [6]
"Ronald Reagan's Legacy". Frank, Robert (April 12, 2007). "In the Real World of Work and Wages, Trickle-Down Theories Don't Hold Up". The New York Times "Trickle-down economics is the greatest broken promise of our lifetime" (January 20, 2014). The Guardian. "The 'trickle down theory' is dead wrong" (June 15, 2015). CNNMoney
By the end of his first term, the economy had come “roaring back,” Inboden said. Inflation dropped from a high of 13.5% in 1980 to 4.6% come the 1984 election.
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".
Exit with Honor: The Life and Presidency of Ronald Reagan. Routledge. Primuth, Richard. "Ronald Reagan's Use of Race in the 1976 and 1980 Presidential Elections." Georgia Historical Quarterly 100.1 (2016): 36-66. online; Rossinow, Douglas C. (2015). The Reagan Era: A History of the 1980s. Columbia University Press. ISBN 9780231538657.
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.
Public debt surged during the 1980s, as Ronald Reagan cut tax rates and increased military spending, while it decreased in the 1990s due to reduced military spending, increased taxes, and the economic boom. Public debt sharply rose following the 2007–08 financial crisis, driven by significant tax revenue declines and spending increases.