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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.
This article discusses the domestic policy of the Ronald Reagan administration from 1981 to 1989. Reagan's policies stressed conservative economic values, starting with his implementation of supply-side economic policies, dubbed as "Reaganomics" by both supporters and detracters.
[2] During his speech, President Reagan outlined his plan for economic recovery, calling for large cuts to taxes and federal spending. [1] Some observers described it at the time as the most comprehensive economic proposal since President Franklin D. Roosevelt announced his New Deal program in March 1933. [3]
After the Economic Recovery Tax Act of 1981 revenues fell by 6% in real terms. This promoted a tax increase that passed the House in late 1981 and the Senate in mid-1982 called the Tax Equity and Fiscal Responsibility Act of 1982. This act was an agreement between Reagan and the Congress that raised revenues for the following years. Following ...
President Reagan signing the bill at Rancho del Cielo in 1981. 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.
Reagan believed in policies based on supply-side economics and advocated a laissez-faire philosophy, [31] seeking to stimulate the economy with large, across-the-board tax cuts. [32] [33] Reagan pointed to improvements in certain key economic indicators as evidence of success. [8]
On this day in economic and business history... The modern labor community has its own method of dating history. There's "Before Reagan," which covers much of the history of labor rights in the ...
Critics contend that Reagan's economic policies resulted in rising budget deficits, [290] a wider gap in wealth, and an increase in homelessness. [291] Liberals especially disapproved of Reagan's simultaneous tax cuts for the wealthy and benefit cuts for the poor. [292] Some critics assert that the Iran–Contra affair lowered American ...