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What was an element of President Reagan's economic policy?

A. Tax cuts for businesses and the wealthy will lead to investment, innovation, and new jobs.
B. Tax cuts for lower-income people will lead to investment and security.
C. High taxes are necessary to pay for essential programs, such as Social Security and Medicaid.
D. Higher taxes on businesses will lead to innovation and new jobs.



Answer :

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Final answer:

President Reagan's economic policy centered on tax cuts for businesses and the wealthy to foster investment, innovation, and job creation.


Explanation:

President Reagan's economic policy primarily focused on tax cuts for businesses and the wealthy to stimulate investment, innovation, and job creation.

Reagan believed that reducing high tax rates would encourage work effort and lead to increased economic growth. His approach, influenced by supply-side arguments, aimed to boost long-run aggregate supply through tax cuts and investment incentives.

The tax cuts led to higher deficits in the US, but Reagan believed they would result in an economic boom that would offset the revenue reduction.


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