The most dramatic change in federal tax laws occurred during the years when ronald reagan was president.
- On April 8, 1895, the Court decided by a vote of 5 to 4 that the unapportioned income tax on income from land was unconstitutional.
How did Reagan change taxes?
- When Ronald Reagan ran for office in 1980, he pledged to lower the top marginal tax rate.
- This he did, and during his eight years in government, the top marginal tax rate was reduced from 73% to 28% on incomes over just $29,750, the lowest it had been since 1925.
In 1981, why did Ronald Reagan lower taxes?
- Reagan took office amid a time of severe unemployment, a $900 billion national debt, and general disapproval of the government.
- To kickstart the economy and increase wealth in the nation, the Act was created to offer tax cuts to all residents.
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