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Table 2 compares these historic tax cuts to other federal fiscal priorities at the time.

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. 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 () ()%%Estimated Reading Time: 6 mins.

Oct 31, Effects of This Tax Cut to Individuals and Businesses. The tax cut was so huge that it hugely increased the national debt and blew up budget deficits.

With two precautions, however, tax legislation can be compared.

As a result, with Reagan’s signature, Congress had to undo the tax cut by increasing tax rates from through for economic recovery. Shortly after, George H.W. Bush and Bill Clinton had to do the same in andrespectively/5(6).

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 effects of fiscal retrenchment With Reagan cuts Thus at the same time that income tax reductions are cut- ting tax rates for the rest of the population and thereby increasing their prosperity, many lower-income families.