Dear Ed: "Pre-Reagan Economics" Is When The National Debt Was LESS THAN $1 Trillion.

[UpInArms]

2. More history here

https://money.cnn.com/2010/09/08/news/economy/reagan_years_taxes/index.htm

The 1981 bill also made certain business deductions more generous.

In 1986, Reagan lowered individual income tax rates again, this time in landmark tax reform legislation.

As a result of the 1981 and 1986 bills, the top income tax rate was slashed from 70% to 28%.

Despite the aggressive tax cutting, Reagan couldn't ignore the budget deficit, which was burgeoning.

After Reagan's first year in office, the annual deficit was 2.6% of gross domestic product. But it hit a high of 6% in 1983, stayed in the 5% range for the next three years, and fell to 3.1% by 1988. (By comparison, this year it's projected to be 9% but is expected to drop considerably thereafter.)

This article is from 2010