Domestic+Policy

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Ronald Reagan was first elected president in 1980. He was then elected again in 1984 for a second term. The Republicans gained control of Congress for the first time in thirty years. Reagan looked to make large improvements to the economy.

He promised to reduce inflation and the federal deficit. He believed that by reducing taxes and increasing the wages of Americans, it would improve the economy. While Reagan did decrease the deficit, he largely increased the military spending. The stock market crashed in 1987 due to a series of events. Only one year later the economy was better than it had been before the crash.

There were many major events that occurred during Reagan’s presidency. In 1986 the Tax Reform Act was passed. This Act legalized income tax. Income tax rose as the taxpayer’s salary rose. Mikhail Borbachev took power of the U.S.S.R. He showed signs of stopping the spread of communism and began talks of peace with the United States.

Ronald Reagan

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