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http://www.washingtonpost.com/news/fact-checker/wp/2017/11/08/did-ronald-reagans-1981-tax-cut-supercharge-the-economy/(permalink)
Author: the-washington-post-fact-checker
Factors
veracity
uncertain
language
English
Date published
2017-11-08
Entities
Tax ratePinocchioTip O'NeillInterest ratePuzzleFact-checkingFederal government of the United StatesRepublican Party of TexasFederal ReserveRecessionSarah SandersCalifornia Republican PartyWhite House Press SecretaryAustralian Labor PartySocial Security debate in the United StatesInflationGross domestic productUnited States CongressPresident of the United StatesBureau of Economic AnalysisVolcker RulePresidency of Ronald ReaganBureau of Labor StatisticsFederal funds rateTalking pointFiscal policyMonetary policy

Claims (1)

  • While arguing over President Reagan’s 1981 tax cuts, Democrats claimed it would only benefit the rich. The Democrat speaker of the House at the time, Tip O’Neill, called them royal tax cuts, because he claimed they favored the wealthiest Americans. What really happened was more than 14 million new jobs were created over five years; incomes grew by over 22 percent for the next seven years; and the economy grew by over 3.5 percent, on average, for the rest of the decade.

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