The facts
Signed into law in 1981, the Economic Recovery Tax Act cut the top marginal income tax rate from 70% to 50%; the 1986 Tax Reform Act lowered it further to 28%.
Inflation fell from 13.5% in 1980 to 4.1% by 1988. GDP grew at an average annual rate of about 3.5% across the Reagan years.
The federal debt nearly tripled in nominal terms during Reagan's two terms, from roughly $900 billion to $2.6 trillion.
Supporters argue lower marginal rates unleashed private investment and ended stagflation. Critics argue most of the gain accrued to top earners and that the deficits crowded out future spending.
Economists still debate how much of the 1980s recovery came from tax policy versus Federal Reserve monetary tightening under Paul Volcker.
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Civics quick read
Glossary
Reaganomics
It's the nickname for Ronald Reagan's economic plan: lower taxes, fewer regulations and a focus on bringing do
Glossary
Supply-Side Economics
It's the idea that if you make it cheaper and easier for businesses and workers to produce things — mainly by
Civics
Did Reaganomics deliver on its promises?
A look at the tax cuts, deficits, and disinflation that defined Ronald Reagan's economic program — and the debate over what actually drove the 1980s recovery.
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Did Reaganomics deliver on its promises?
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