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Effects of This Tax Cut to Individuals and Businesses The tax cut.

For example, for many years the JEC has published IRS data on federal tax payments of the top 1 percent, top 5 percent, top 10 percent, and other taxpayers.

The above table shows that Reagan's initial tax cut in was estimated to have a large negative effect on revenues. This is apparent in the graph titled"Receipts and Selected Tax Rates" at recsrchtml which shows a sharp drop in individual income tax revenues from to This drop was arguably a major motivation for the Tax Equity and Fiscal Responsibility Act of and the. Reagan Tax Cuts of What We Learned Tax Relief Center.

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 Estimated Reading Time: 5 mins.

The four major changes in the tax code were the following.

The Reagan Tax Cuts: Lessons for Tax Reform. During the summer of the central focus of policy debate was on the Economic Recovery Tax Act (ERTA) ofthe Reagan tax cuts. The core of this proposal was a version of the Kemp-Roth bill providing a 25 percent across-the-board cut in personal marginal tax rates.

Apr 22, a) The Reagan tax cuts signed into law in Augustwhich took effect starting in The highest marginal income tax rate was reduced from 70% before to 50% from onwards. There was an additional round of tax cuts under a separate law passed inwhich brought this rate down further to % in and to 28% from shrubtrim.buzzted Reading Time: 10 mins.