20th Anniversary of Reagan Tax Cut
CNSNews.com
Tuesday, Aug. 14, 2001
Monday marked the 20th anniversary of the Ronald Reagan tax cut, also known as the Kemp-Roth bill after its co-sponsors, Rep. Jack Kemp and Sen. William Roth.
"Twenty-years ago today, Ronald Reagan signed into law the Economic Recovery Tax Act (ERTA) slashing marginal income tax rates by 25 percent over three years and indexing them for inflation to make the lower rates permanent," said Kemp, co-director of Empower America.
"It may be hard for some people to remember, but in 1980 when Bill Roth and I embarked on the drive to lower tax rates the top marginal income tax rate was 70 percent and the lowest was 20 percent. Following the experience of the Kennedy tax rate cuts of 1962 and 1963, the Kemp-Roth bill was designed to reduce tax rates by 30 percent across-the-board."
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