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So did big increases in federal spending on defense and highways.

Dec 08, So with Reagan’s signature, Congress undid a good chunk of the tax cut by raising taxes a lot in, and George H.W. Bush signed another tax increase in Estimated Reading Time: 5 mins.

Aug 20, According to liberal economist Paul Krugman, in a June 8,commentary in The New York Times,"this tax increase more than undid any gains from Mr. Reagan's income tax cuts. Oct 31, The Reagan Tax Cut, also known as The Economy Recovery Tax Act ofwas huge during the s.

The provision aimed a 23% cut in individual income tax rates over three years. This brought the high marginal tax rates - the highest ever - /5(6). EFFECT OF REAGAN, KENNEDY, AND BUSH TAX CUTS ON REVENUES. EFFECT OF REAGAN TAX CUTS ON REVENUES - SHORT ANALYSIS.

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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. No. The reason is that the orthodoxy is a sham, a spin they can use to cover the real purpose of the tax cuts.

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The real purpose is to have the government shift money from the poor and middle class to the rich. The rich are happy with that idea, so.