This fiscal drag held back the pace of recovery from the downturn Obama.

Apr 22, In contrast, the fiscal deficit deteriorated sharply following the Reagan tax cuts, and got especially worse following the Bush II tax cuts. The federal fiscal deficit was % of GDP in FY, when Reagan took office, went as high as % of GDP in FY, and was % of GDP in FY, the last year of Bush I (it was % of GDP in FY under Obama).Estimated Reading Time: 10 mins. 9 rowsAug 24, President Kennedy passed his tax cuts as he ran a deficit equaling 1 percent of national income.

Estimated Reading Time: 6 mins. Jul 12, Analysis by Citizens for Tax Justice claims that the Bush era tax cuts resulted in 1, billion in lower revenue from FY through FY, and that the total cost if implementing the cuts Estimated Reading Time: 3 mins.

At percent, they nearly doubled in the 90s as well. Hence, claiming that the Reagan tax cuts caused the doubling of revenues is like a rooster claiming credit for the dawn. Furthermore, the receipts from individual income taxes (the only receipts directly affected by the tax cuts.

Jun 16, In the 20 years following Reagan's tax cuts, these incomes surged 28, Would you trade the stock market boom? In the two decades before the Reagan tax.