Reagan tax cuts

The tax cuts popularized the now infamous phrase "trickle-down economics" as it was primarily used as a moniker by opponents of the bill in order to degrade supply-side economics, the driving principle used to promote the tax cuts.

[4] This rate was cut over a period of 5 years following the war to a low of 25% in 1925, and tax collection as a share of output fell dramatically.

In response to pressure from a now Democratic Party-controlled Congress,[5][circular reference] President Herbert Hoover reluctantly agreed to raise the top marginal rate to finance relief programs.

Under President John F. Kennedy the top marginal rate was decreased in the Revenue Act of 1964 to 70%.

In 1980 Ronald Reagan was elected and promised to cut the top marginal tax rate.