![]() "This tax act was just an absolute catastrophe for the country," he toldĬongress in 1991. The Act eliminated tax advantages for real estate, and Trump naturally equated the loss of special treatment for his own industry with harm for the economy as a whole. Trump has long attacked the 1986 Tax Reform Act as a disaster. Under this pro-America system, our economy just went beautifully through the roof." Ronald Reagan led the world, cutting our tax base by 34 percent. "It was really something special In 1986, "Our last major tax rewrite was 31 years ago," he said. This April will be the last time you ever file under the old broken system-and millions of Americans will have more take-home pay starting next month.ġ991: Reagan tax cut a catastrophe 2017: Reagan led economyĭonald Trump's speech touting tax cuts-the largest ones ever, he promised-was devoted in large part to praise of the 1986 Tax Reform Act. We also doubled the child tax credit.Ī typical family of four making $75,000 will see their tax bill reduced by $2,000-slashing their tax bill in half. Now, the first $24,000 earned by a married couple is completely tax-free. ![]() To lower tax rates for hardworking Americans, we nearly doubled the standard deduction for everyone. Our massive tax cuts provide tremendous relief for the middle class and small businesses. Just as I promised the American people from this podium 11 months ago, we enacted the biggest tax cuts and reforms in American history. ![]() ![]() 2016 Republican nominee for President 2000 Reform Primary Challenger for Presidentĭoubled standard deduction for all average $2000 tax cut ![]()
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