Ronald Reagan Tax Cuts
Ronald Reagan Tax Cuts: The top income-tax rate was reduced from 70 percent to 28 percent in the 1980s, but the top 5 percent of all earners paid more taxes, increasing their share of all federal income taxes paid from 36 percent in 1980 to 43 percent in 1990. From 1982 to 1989, 19 million net new jobs were created in the United States (more than the number of jobs created in Europe and Japan combined), two-thirds of them high or middle-paying, resulting in the lowest unemployment rate in 16 years. The economic growth unleashed by tax cuts increased federal tax revenues in the 1980s by $1.1 trillion.
