This Day in American History...

Posted: Aug 13, 2009 4:14 PM

On this day in 1981, President Ronald Reagan signed into law an across-the-board tax cut plan, lowering all Americans' tax rate by 25%. As a result, inflation lowered, mortgage interest rates dropped, and the nation's unemployment declined from a peak of 10% during the recession of 1981-82 to 5.5% in 1989 with the creation of 17 million jobs.

In addition to these economic successes, Reagan's tax cuts were a victory for the American people who were able to keep more of what they earned rather than see the government spend it carelessly.

Reagan showed his exemplary leadership and set this tremendous example 28 years ago today.