Question

According to President Reagan, what is the current tax system doing?

Answer 1

Answer:

During the first year of Reagan's presidency, federal income tax rates were lowered significantly with the signing of the Economic Recovery Tax Act of 1981, which lowered the top marginal tax bracket from 70% to 50% and the lowest bracket from 14% to 11%. ... The 1982 tax increase undid a third of the initial tax cut.

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