Ronald Reagan: From Hollywood To The Oval Office

During His Presidency, Reagan Increased And Decreased Taxes At Historic Rates

Photo Credit: Wally McNamee/CORBIS/Corbis via Getty Images

When Ronald Reagan entered office in 1981, he signed the Economic Recovery Tax Act. It was the largest tax cut in American history. In 1982 he supported the Tax Equity and Fiscal Responsibility. The Act raised certain taxes to minimize the grown the budget deficit.

Two years later, Reagan signed the Deficit Reduction Act. The legislation forced more tax increases to close the remaining budget gap. Taken together, these three acts provided the biggest tax cuts in history while simultaneously providing some of the largest tax increases ever.