On December 22, 2017, President Donald Trump signed the Tax Cuts and Jobs Act (TCJA) into law, enacting the most sweeping tax reform package in 30 years and permanently slashing the corporate tax rate from 35% to a flat 21%—a 40% reduction representing the largest corporate tax cut in American …
Donald TrumpPaul RyanMitch McConnellKevin BradyOrrin Hatch+5 moretax-policytrump-administrationcorporate-corruptionwealth-transferdeficit-spending+5 more
On June 6, 2017, the Republican-controlled Kansas legislature voted to override Governor Sam Brownback’s veto and repeal the massive tax cuts enacted in May 2012, marking one of the most decisive rejections of supply-side economics in modern American history. The veto override passed with …
Sam BrownbackKansas LegislatureArthur LafferAmerican Legislative Exchange Council (ALEC)Kansas Republican Party+1 morekansastax-policysupply-side-economicsalecfiscal-crisis+7 more
On May 22, 2012, Kansas Governor Sam Brownback signed Senate Bill Substitute HB 2117, implementing what became known as the ‘Kansas experiment’—the most aggressive implementation of ALEC’s corporate tax-cutting agenda ever attempted by a U.S. state. The legislation eliminated state …
Sam BrownbackArthur LafferAmerican Legislative Exchange Council (ALEC)Kansas LegislatureKoch Industriesaleccorporate-corruptiontax-policykansassupply-side-economics+5 more
In 2007, the American Legislative Exchange Council (ALEC) launched its first annual ‘Rich States, Poor States: ALEC-Laffer State Economic Competitiveness Index’ report, co-authored by economist Arthur Laffer, Stephen Moore, and ALEC staff. The report ranked all 50 states based on 15 …
American Legislative Exchange Council (ALEC)Arthur LafferStephen MooreJonathan WilliamsKoch Industriesaleccorporate-corruptiontax-policyrace-to-bottompropaganda+4 more
On May 28, 2003, President George W. Bush signed the Jobs and Growth Tax Relief Reconciliation Act (JGTRRA) into law, completing the second phase of the Bush tax cuts and fundamentally restructuring taxation to favor investment income over wages. The legislation reduced the long-term capital gains …
George W. BushDick CheneyBill ThomasCharles GrassleyAmericans for Tax Reform+3 moretax-policybush-administrationsupply-side-economicscapital-gainsdividend-taxation+4 more
On June 7, 2001, President George W. Bush signed the Economic Growth and Tax Relief Reconciliation Act (EGTRRA) into law, enacting the first wave of the ‘Bush tax cuts’ that would add approximately $1.5 trillion to the national debt over the 2002-2011 decade, excluding interest. The …
George W. BushDick CheneyPaul O'NeillDennis HastertTrent Lott+3 moretax-policybush-administrationsupply-side-economicswealth-transferdeficit-spending+4 more
On October 22, 1986, President Ronald Reagan signed the Tax Reform Act of 1986 (TRA86) into law, implementing the most dramatic restructuring of the federal tax code since World War II. The legislation reduced the number of individual income tax brackets from 16 to just 2, slashing the top marginal …
Ronald ReaganDan RostenkowskiBob PackwoodBill BradleyJack Kemp+2 moretax-policyreagan-administrationsupply-side-economicswealth-transfercorporate-corruption+3 more
On September 3, 1982, President Ronald Reagan signed the Tax Equity and Fiscal Responsibility Act (TEFRA) into law, reversing substantial portions of the Economic Recovery Tax Act he had signed just 13 months earlier. TEFRA raised nearly $100 billion in federal revenues through closure of tax …
Ronald ReaganRobert DoleJack KempBruce BartlettSenate Finance Committeetax-policyreagan-administrationsupply-side-economicsdeficit-spendingfiscal-crisis+3 more
The national debt under President Reagan explodes from $997 billion in 1981 to $2.9 trillion by 1989, representing an increase of 186% and adding approximately $1.9 trillion in new debt during his eight-year presidency. Annual budget deficits average 4.0% of GDP during Reagan’s tenure, …
Ronald ReaganCongressOffice of Management and Budget (OMB)Department of Treasurydeficitnational-debtreaganomicsfiscal-policysupply-side-economics
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 …
Ronald ReaganJack KempWilliam RothDavid StockmanHeritage Foundation+3 moretax-policyreagan-administrationsupply-side-economicscorporate-corruptionwealth-transfer+4 more
Arthur Laffer, University of Chicago professor, sketches a curve on a napkin during dinner with Jude Wanniski (Wall Street Journal associate editor), Donald Rumsfeld, and Dick Cheney, creating the iconic diagram that will justify massive tax cuts for the wealthy and become the intellectual …
Arthur LafferJude WanniskiDonald RumsfeldDick Cheneysupply-side-economicslaffer-curvetax-policychicago-schooleconomic-ideology