There was a protracted recession in the mid-1970s and a smaller recession toward the end of the decade. President Reagan and his economic advisors argued that high taxes were one of the causes of the relatively poor performance of the US economy. In particular, they claimed that taxes on income were deterring people from working as hard as they would otherwise. Unlike President Kennedy’s advisors, who had argued that income tax cuts would increase real GDP by stimulating aggregate expenditure, Reagan’s advisors said that tax cuts would increase potential output. Proponents of this economic view became known as supply siders because their focus was on the production of goods and services rather than the amount of spending on goods and services. After his inauguration, President Reagan pushed hard for changes in the tax code, and Congress enacted the Economic Recovery Tax Act (ERTA) in 1981. This law reduced tax rates substantially: Figure 12.9 “Marginal and Average Tax Rates, 1982 to 1984” shows marginal and average tax rates for 1982, 1983, and 1984. The marginal tax rates are shown in part (a) in Figure 12.9 “Marginal and Average Tax Rates, 1982 to 1984”: marginal rates decreased significantly for taxable income up to about $80,000.  As a consequence, average tax rates also decreased significantly between 1982 and 1984 (part (b) in Figure 12.9 “Marginal and Average Tax Rates, 1982 to 1984”)..
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