Reagan Signs Economic Recovery Tax Act (ERTA) - Top Rate Slashed from 70% to 50%, Corporate Tax Cuts Total $150 Billion Over Five Years

On August 13, 1981, President Ronald Reagan signed the Economic Recovery Tax Act (ERTA) into law, enacting one of the largest tax cuts in American history. The Act reduced the highest marginal individual income tax rate from 70% to 50% and the lowest rate from 14% to 11%, implementing an …