Ronald Reagan signed the Economic Recovery Tax Act, a major tax-reform bill based on “supply side economics,” cutting taxes and regulations. The act implemented an across-the-board tax cut for individuals, reduced the maximum income tax rate, lowered capital gains and estate taxes, and expanded individual retirement accounts.
Thomas “Tip” O’Neill (1912–1994) was a liberal Democratic politician from Massachusestts. O’Neill first became involved in politics as a teenager when he campaigned for Al Smith in the presidential election of 1928. He served in the Massachusetts legislature before being elected to the US House of Representatives in 1953. He became known as a tough champion of social causes, and during his time in the House he served as majority whip, majority speaker, and Speaker of the House. During the Reagan presidency, O’Neill was a staunch and vocal...
Ronald Reagan’s State of the Union Message, January 26, 1982, The American Presidency Project, University of California, Santa Barbara...