Job Creators Network President Issues Statement on 40th Anniversary of Reagan Tax Cuts
Washington, D.C. (August 13, 2021) – Today is the 40th Anniversary of President Ronald Reagan’s tax cuts that spurred the economic boom of the 1980s.
“Today is the 40th anniversary of President Reagan’s historic tax cuts, and there could not be a more stark contrast between the positive impact they had on the economy of the time and the war on small business that President Biden and Democrats are currently waging. When President Reagan signed the Economic Recovery Tax Act, the largest tax cuts in history at the time, it empowered businesses to lift the economy out of the stagflation of the 1970s. President Biden should remember this, he was in the Senate at the time.
Yet despite witnessing firsthand the power of tax cuts on the economy and small businesses, he continues to push his tax-and-spend agenda on a post-pandemic economy that desperately needs to bring small businesses back. This week, Senate Democrats passed a $1.2 trillion infrastructure bill then went on to immediately outline a $3.5 trillion budget, with plans to pay for it by trillions of dollars in tax hikes.
At his Inaugural Address, Reagan famously said, “Putting America back to work means putting all Americans back to work. Ending inflation means freeing all Americans from the terror of runaway living costs.” At the time, Reagan’s tax cuts created 20 million new jobs, dropped inflation by nearly 10%, and increased the annual earnings of families by 27%. So far, Biden has created a labor shortage that is crippling small businesses and caused historic inflation that’s exceeded wage growth, resulting in a ‘Biden pay cut’ for workers.
On today’s anniversary of Reagan’s tax cuts, President Biden and Democrats must realize it is time for a course correction. Americans must make their voices heard that tax hikes and additional Congressional spending is unacceptable. To get our economy thriving again we must bring small businesses back.”