The 1980s were particularly glorious years for the United States. Jimmy Carter had just lost the 1980 election to Ronald Reagan, and “the Gipper” was set to govern the great fifty states. The once hollywood actor , turned sports commentator was determined to stimulate the american economy, and that he did. Throughout his eight years in office, Reagan took strides to simplify legislation and push the American economy to heights it had never seen before, which by 1989 he had accomplished. While the Commander and Chief is important when it comes to U.S. politics, many different factors play a part in a successful presidential administration. The Regan administration of (1980-1989) is arguably the epitome of a steadfast but optimistic leadership.
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Principles like these, are the reason the Reagan administration, and the 99th United States Congress in partnership passed economic tax reforms that took the united states to the highest economic heights, until the Clinton administration of 1993.
The Tax reform act of 1986 imposed the biggest tax cuts on income revenue in history. This reform voiced by the iconic President, was a total overhaul of the previously complicated and loophole riddled tax code. Before 1986, the tax code basically crippled middle-class americans and favored the wealthy. On the other hand, Reagan’s reform aimed to create and equal tax on equal pay, and lower rates, the reform was later re drafted to aid to Democrats in Congress, closing loopholes for many corporations. Today, President Donald J. Trump, Similar to Reagan, wants to overhaul the tax code and ultimately cut corporate taxes by a whopping twenty percent. Also similar to Reagan, Trumps plan seeks to bring relief to middle-class families, cut the corporate tax, and eliminate loopholes. Contrary to the reform of 1986, Trump plans to eliminate the death tax, cut the number of tax brackets, and pay for itself. Yes, Reagan …show more content…
The Republican party controls both houses of congress and it is the first time since 1929 that a newly elected republican president has such an advantage. Even Though this is a miraculous fact, it does not matter in today's political climate. In order to get his political agenda pushed and his tax reform passed, he must give the democratic party something they want. The easiest stipulation to let go within this proposed reform is the elimination of the death tax. The death tax, also known as the the estate tax is a tax on one's right to transfer property at their death. This very minor and does not really create much revenue to counteract national debt, it only appeases citizens. Moreover, Trump can also do away with this “new business income rate” which is suppose to stimulate growth of jobs and new businesses. This stipulation is a new idea and should be implemented once the tax reform is passed via further reforms. Trumps tax plan relies on the slashing of corporate taxes, and the lowering of the maximum marginal rate. These are the pillars he need to preserve as a base of his reforms; he needs to atleast get these primary provisions implemented in the reform. The death tax and new business income rate can be concessions in return for approval until he decides to further reform the
Principles like these, are the reason the Reagan administration, and the 99th United States Congress in partnership passed economic tax reforms that took the united states to the highest economic heights, until the Clinton administration of 1993.
The Tax reform act of 1986 imposed the biggest tax cuts on income revenue in history. This reform voiced by the iconic President, was a total overhaul of the previously complicated and loophole riddled tax code. Before 1986, the tax code basically crippled middle-class americans and favored the wealthy. On the other hand, Reagan’s reform aimed to create and equal tax on equal pay, and lower rates, the reform was later re drafted to aid to Democrats in Congress, closing loopholes for many corporations. Today, President Donald J. Trump, Similar to Reagan, wants to overhaul the tax code and ultimately cut corporate taxes by a whopping twenty percent. Also similar to Reagan, Trumps plan seeks to bring relief to middle-class families, cut the corporate tax, and eliminate loopholes. Contrary to the reform of 1986, Trump plans to eliminate the death tax, cut the number of tax brackets, and pay for itself. Yes, Reagan …show more content…
The Republican party controls both houses of congress and it is the first time since 1929 that a newly elected republican president has such an advantage. Even Though this is a miraculous fact, it does not matter in today's political climate. In order to get his political agenda pushed and his tax reform passed, he must give the democratic party something they want. The easiest stipulation to let go within this proposed reform is the elimination of the death tax. The death tax, also known as the the estate tax is a tax on one's right to transfer property at their death. This very minor and does not really create much revenue to counteract national debt, it only appeases citizens. Moreover, Trump can also do away with this “new business income rate” which is suppose to stimulate growth of jobs and new businesses. This stipulation is a new idea and should be implemented once the tax reform is passed via further reforms. Trumps tax plan relies on the slashing of corporate taxes, and the lowering of the maximum marginal rate. These are the pillars he need to preserve as a base of his reforms; he needs to atleast get these primary provisions implemented in the reform. The death tax and new business income rate can be concessions in return for approval until he decides to further reform the