Did Reagan’s tax cuts actually work? And what can they really tell us about Trump’s new tax cuts?
Every major tax cut sparks the same debate: that they only benefit the rich, reduce government revenue, and explode the deficit. In this video, we go back to the Reagan era to examine what actually happened after the Economic Recovery Tax Act of 1981 and the Tax Reform Act of 1986. We break down the recession, the delayed impact of phased-in cuts, the economic boom that followed, what happened to federal revenue, and whether the rich paid more or less in taxes.
Using historical data on GDP growth, unemployment, federal revenue, and tax burden, we compare the long-term effects of Reagan’s tax cuts to today’s debate over Trump’s tax policy. With Trump’s tax cuts now in effect, are we seeing the early signs of another “Morning in America”?
If you’re interested in economics, U.S. history, or the future of American prosperity, this is a deep dive you don’t want to miss.
Topics covered: Reagan tax cuts, Trump tax cuts, U.S. economy, GDP growth, federal revenue, deficit, income taxes, tax reform, economic history, Morning in America, supply-side economics, middle class, inflation, recession, economic recovery.
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Narration: Larissa Munz
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