Ronald Reagan: Difference between revisions
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On August 13, 1981 Reagan signed the Economic Recovery Tax Act of 1981, reducing marginal tax rates for all levels of income in America. | On August 13, 1981 Reagan signed the Economic Recovery Tax Act of 1981, reducing marginal tax rates for all levels of income in America. | ||
Reagan increased FICA tax rates gradually from 6.13% to 7.51% throughout his presidency, a larger nominal increase than any President other than Nixon. The amount of taxable income was also raised from $25,900 in 1980 ($66,600 in 2009$) to $45,000 in 1988 ($80,600 in 2009$). | |||
Revision as of 21:36, 29 December 2010
Ronald Reagan (February 6, 1911–June 5, 2004) was the 40th President of the United States of America (1981–1989).
Presidency
Ronald Reagan was inaugurated on January 20, 1981 after former President Jimmy Carter was sworn out of office.
Economic Policy
On August 13, 1981 Reagan signed the Economic Recovery Tax Act of 1981, reducing marginal tax rates for all levels of income in America.
Reagan increased FICA tax rates gradually from 6.13% to 7.51% throughout his presidency, a larger nominal increase than any President other than Nixon. The amount of taxable income was also raised from $25,900 in 1980 ($66,600 in 2009$) to $45,000 in 1988 ($80,600 in 2009$).