Reagan tax cuts

Tax cuts under President Reagan

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 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%. The second tax cut among other things, cut the highest personal income tax rate from 50% to 38.5% but decreasing to 28% in the following years and increased the highest capital gains tax rate from 20% to 28%.

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