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What Laws Were Passed By Ronald Reagan ?
Ronald Reagan was the fortieth president of the United States. When he took over the reins of presidency, the nation was in throes of economic recession. Hundreds and thousands of people were unemployed, and many were left homeless. |
Ronald Reagan's main agenda was to improve the economic situation in the country and to strengthen the US military so that it could counter any threats from the Soviet Union. He was adamant on destroying the communist country and its allies.
In order to achieve all that he wanted, Ronald Reagan passed a few laws and signed a few bills into law. They are as follows:
He got the Congress to approve the Economic Recovery Tax Act of 1981 which allowed him to reduce the federal income tax to 25 percent. During his 8 years in office, the GDP recovered at an annual rate of 3.4 percent each year. Unemployment that was standing at 10.8 percent in December 1982 started dropping. This drop continued until the remainder of Reagan's presidency. In fact, during his tenure, 16 million new jobs were created and inflation also reduced.
Reagan also passed the bipartisan Tax Reform Act of 1986 that revised the tax code. The federal income tax receipt from 1980 to 1989 nearly doubled to $549 billion from $308.7 billion.
Drug addiction has reached epidemic proportions in the country. In 1986, Reagan signed the Drug Enforcement Bill that was meant for war on drugs, and stipulated a mandatory minimum punishment for drug offenses. The bill allowed a budget of $1.7 billion to fund the war against drugs.
In 1986, Reagan also signed the Immigration Reform and Control Act. This made it illegal for employers to hire illegal immigrants, the employers had to attest the immigration status of their employees, and the Act gave amnesty to 3 million illegal immigrants who had entered the country before January 1, 1982.
In addition, in 1982, the Congress passed the Garn-Saint Germain Depository Institutions Act, which was aimed at financially struggling savings and loans companies. This Act allowed these companies to make riskier investments to get their money.
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