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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
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 .
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
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.
The Republican push to extend and deepen tax cuts enacted in 2017 represents "a MAGAnomics economic agenda that would trigger an 'inflation bomb' and raise costs for middle class families," White ...
The tax and spending cuts comprised what some contemporaries described as Reaganomics and the "Reagan Revolution". The Omnibus Budget Reconciliation Act of 1981 was remarkable for Congress's use of the Reconciliation process. President Ronald Reagan signing the Economic Recovery Tax Act of 1981 and the Omnibus Budget Reconciliation Act of 1981 ...