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Similarly, during Ronald Reagan’s presidency, the top marginal tax rate was slashed from 70% to 28%. Once again, doomsayers predicted economic collapse; however, the reality was quite the opposite. From 1983 to 1989, GDP growth averaged 3.5% per year, unemployment plummeted, and federal revenues soared.
These examples substantiate the argument that reduced taxation does not simply enrich the wealthy but invigorates the broader economy, enabling higher government revenues and improved employment statistics.