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The top marginal income tax rate was raised to

Aug 24, Tax Cuts and Deficits President Kennedy passed his tax cuts as he ran a deficit equaling 1 percent of national income. InReagan cut taxes while running a deficit of percent of national income. In contrast, Bush passed the largest of his three tax cuts, EGTRAA, in with a budget surplus of percent of shrubhauling.buzzted Reading Time: 6 mins. EFFECT OF REAGAN, KENNEDY, AND BUSH TAX CUTS ON REVENUES. EFFECT OF REAGAN TAX CUTS ON REVENUES - SHORT ANALYSIS. The argument that the near-doubling of revenues during Reagan's two terms proves the value of tax cuts is an old argument.

It's also extremely flawed. At percent, revenues did nearly double during the 80s. Dec 08, A. As projections for the deficit worsened, it became clear that the tax cut was too big.

So with Reagan’s signature, Congress undid a good chunk of the tax cut by raising taxes a Estimated Reading Time: 5 mins. Apr 22, In contrast, the fiscal deficit deteriorated sharply following the Reagan tax cuts, and got especially worse following the Bush II tax cuts.

The federal fiscal deficit was % of GDP in FY, when Reagan took office, went as high as % of GDP in FY, and was % of GDP in FY, the last year of Bush I (it was % of GDP in FY under Obama).Estimated Reading Time: 10 mins.

Oct 31, The tax cut was so huge that it hugely increased the national debt and blew up budget deficits. As a result, with Reagan’s signature, Congress had to undo the tax cut by increasing tax rates from through for economic recovery.

Shortly after, George H.W. Bush and Bill Clinton had to do the same in andrespectively. It has been learned from this tax history that tax cuts are /5(6).