Aug 24, The Reagan Tax Cut (Economic Recovery Tax Act of ) () ()%%: Bush Tax Cuts: Economic Growth and Tax Reform Reconciliation Act of () ()%: %: Job Creation and Worker Assistance Act of () ()%%: Jobs and Growth Tax Relief and Reconciliation Act of () Estimated Reading Time: 6 mins.
Dec 08, So with Reagan’s signature, Congress undid a good chunk of the tax cut by raising taxes a lot in, and George H.W. Bush signed another tax increase in and Bill Estimated Reading Time: 5 mins. Oct 31, The Reagan Tax Cut, also known as The Economy Recovery Tax Act ofwas huge during the s. The provision aimed a 23% cut in individual income tax rates over three years.
This brought the high marginal tax rates - the highest ever - from 70% to 50%. At the time, the inflation rate was nearly 10%. Accordingly, the tax cut wasn’t able to pay for itself/5(6). Nov 08, Even before the tax cut took full effect, under pressure from Congress, Reagan boosted taxes several times: in with the Tax Equity and Fiscal Responsibility Act, again in with the Social Security Amendments, and in with the Deficit Reduction Act.
Many of these tax increases aimed to increase federal tax revenue, after it declined following. Sep 22, The Bush tax cuts are minuscule compared to the huge tax reductions enacted under President Reagan in Initially, at least, Mr. Bush's proposals would reduce tax revenue by 4 billion to 8 Estimated Reading Time: 9 mins.