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 opponents of the bill in order to degrade supply-side economics, the driving principle used to promote the tax cuts.
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% to 38.5% but decreasing to 28% in the following years[2] and increased the highest capital gains tax rate from 20% to 28%.[1]
At the time, people weren't substantially informed about the tax cuts, as an ABC News Poll in September 1986 showed that 63% of Americans didn't know enough about the Tax Reform Act of 1986 to say if it was good or bad.[3]
^ abArthur Laffer (June 1, 2004). "The Laffer Curve: Past, Present, and Future". Retrieved June 21, 2019. {{cite journal}}: Cite journal requires |journal= (help)
^Legisworks - Retrieved 28 May 2019
^Tom Kertscher (December 18, 2017). "Paul Ryan claims 1986 tax reform, like the current one, had low public support just before passage". Retrieved May 28, 2019. {{cite journal}}: Cite journal requires |journal= (help)
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