Statement I: Two major personal income tax cuts were passed during the administration of President Ronald Reagan.
Statement II: The top marginal tax rate for the federal personal income tax was 70 percent in 1980.

Question

Quizplus · Accepted Answer

Both statements are true. During Ronald Reagan's presidency, two major tax cuts were enacted: the Economic Recovery Tax Act of 1981 and the Tax Reform Act of 1986. Additionally, the top marginal tax rate for federal personal income tax was indeed 70 percent in 1980, before being reduced by these tax reforms.

Statement I: Two Major Personal Income Tax Cuts Were Passed