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In, Reagan cut taxes while running a deficit of.

Aug 24, The Reagan Tax Cut (Economic Recovery Tax Act of ) %: %: %: %: Bush Tax Cuts: Economic Growth and Tax Reform Reconciliation Act of %: %: %: %: Job Creation and Worker Assistance Act of %: %: %: %: Jobs and Growth Tax Relief and Reconciliation Act of (Bush/Thomas Proposal as of May 5, Estimated Reading Time: 6 mins. Kennedy, Reagan, and Bush Tax Cuts Compared to Other Budget Items Tax Legislation As a Percent of Federal Budget (a) Tax Relief Social Security Defense All Other Domestic Spending The Kennedy Tax Cut (Revenue Act of ) % % % % The Reagan Tax Cut (Economic Recovery Tax Act of ) % % % % Bush Tax Cuts.

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. Oct 31, The Reagan Tax Cut, also known as The Economy Recovery Tax Act ofwas huge during the s. The provision aimed a 23% cut in individual income tax rates over three years. This brought the high marginal tax rates - the highest ever - from 70% to 50%.

At the time, the inflation rate was nearly 10%. Accordingly, the tax cut wasn’t able to pay for itself/5(6). Sep 21, Reagan’s tax increases. The most significant tax increase Reagan signed was also the first. The Tax Equity and Fiscal Responsibility Act of.