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