mar 30, 1983 - economic recovery tax act
Description:
On august 4 1981 the economic recovery tax act was passed by congress. Reagan didn't sign it until august 13 1981. It produced the largest tax cut in US history. It cut personal income tax by 25%. Reagans policy was to cut taxes and increase defense spending but it resulted in an unbalanced budget. While it help taxes go lower it brought a lot more debt into the country.Added to timeline:
Date:
mar 30, 1983
Now
~ 42 years ago