Cut taxes by $33 billion, the biggest US tax cut up to this point.
POSITIVE - was integral to Reagan's immense popularity (lowering taxes is always popular with everyone) and stimulated supply-side economics, sparking investement in businesses that would hopefully 'trickle down',benefitting all.
NEGATIVE - was a massive contributor to the deepening of the national debt as the US was forced to become a borrowing nation, ($738 billion to $2.1 trillion by the end of his tenure). Also deepened the divide between the rich and the poor, and caused long-term issues for Bush and Clinton.
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