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Tax Reform

The Reagan tax reform of 1985 marked the triumph of "supply side" economists. Under the view of economists that supported this theory, if one cut taxes, economic growth would more than make up for the lost income from lower taxes.
The simplifying of the tax codes was a long delayed action, and was clearly desirable. However, economic growth was never able to keep up with decreased taxes and added defense spending, and therefore the US government's budget deficit grew precipitously.