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Reagan Signs The Economy Recovery Tax Act | On This Day
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August 13, 2024
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2:21Now PlayingBack in 1981, U.S. President Ronald Reagan signed into law the 185 page Economic Recovery Tax Act. It was a historic package of budget reductions, but it was most notable for cutting the amount that you pay on your income by 25% across the board. The bill still the largest tax cut as a percent of GDP in the post-Civil War era, not only fundamentally change tax policy, but it critically reshaped political ideology around taxation for decades to come.
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