Feb 14, 2025
The Private Sector Survey on Cost Control (PSSCC), commonly referred to as the Grace Commission, was an investigation requested by President Ronald Reagan, authorized in Executive Order 12369 on June 30, 1982. The survey’s focus was on eliminating waste and inefficiency in the United States federal government. Reagan asked the members of that commission to “Be bold. We want your team to work like tireless bloodhounds. Don’t leave any stone unturned in your search to root out inefficiency.”
Significance:
- President Reagan used the “Drain the swamp” phrase.
- Businessman J. Peter Grace chaired the commission.
- Recommendations were largely ignored by Congress
- Report claimed $424 billion could be saved in three years if recommendations followed
- 2478 page report comprised of 36 Task Force Reports, and 11 Special Reports
- Summary denoted “Resistance to additional income taxes would be even more widespread if people were aware that” ominous statements followed
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Feb 15, 2024
Additional Bush Tax Cuts that reduced tax rates on dividends and capital gains, expanded deduction for small businesses, additional tax breaks for specific industries and activities.
Significance
- Further expanded tax cuts from EGTRRA, aimed at encouraging investment and job creation. Further increased budget deficit and debate exists on effectiveness in stimulating growth.
- Reduced Dividend and Capital Gains Taxes
- Expanded Small Business Deduction
- Additional tax breaks for specific industries and activities, such as manufacturing, research and development, and alternative energy.
- EGTRRA Tax Cuts were accelerated, bringing forward tax cuts scheduled for later years.
- Increased Deficit
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Feb 15, 2024
Post 9/11 stimulus package, reduced top marginal income tax rate, lowered income tax rates for all brackets, increased child tax credit, reduced marriage penalty, phased out estate tax (later expired).
Significance
- Largest tax cut in US history at the time, aimed at stimulating economy post-9/11.
- Increased budget deficit
- Cut Tax rates across all brackets
- Reduced Estate, and Capital Gains Taxes
- Increased deduction for Married filers, and Increased Child and Earned Income Credits
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Feb 15, 2024
Major overhaul of the federal tax code, reducing individual and corporate income tax rates and simplifying the system.
Significance
- Major reductions in individual and corporate tax rates
- $10,000 cap on State and Local Tax deductions (SALT)
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Feb 15, 2024
Major tax cuts implemented by the Reagan administration, lowering individual and corporate income tax rates significantly.
Significance
- Major tax cuts for individuals and corporations
- Stimulated significant growth in the Economy
- Long term Supply Side Economic growth
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