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What act dramatically lowered taxes on individuals and business but did little to lower government spending?

April 26, 2017ACT Business dramatically government individuals little lower lowered Spending taxes

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What act dramatically lowered taxes on individuals and business but did little to lower government spending?

1 Answer

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Reagan’s 1981 Economic Recovery Tax Act cut taxes on top earners from 70% to 50%, slashed estate taxes and trimmed taxes paid by businesses. Government Spending continued and unemployment rose.