Today In History, August 13, 1981: President Reagan Signs Historic Tax Cuts Into Law

29 years ago today, President Ronald Reagan signed his historic economic package into law. These tax and budget cuts set the stage for unprecedented economic growth in America. President Reagan understood that low taxes and less government red tape along with fiscal restraint are the ingredients for economic success.

According to The Associated Press on August 13, 1981:

“President Reagan today signed into law the largest tax and spending cuts in American history, but said, ‘This is only the beginning.’ With the strokes from 24 pens – each going to a member of Congress who helped him gain passage of his programs – Reagan reversed what he called ‘almost half a century of a course this country’s been on’ and marked ‘an end to the excessive growth of government bureaucracy and government spending and government taxing.'”

Contrast these principles with President Obama’s agenda of bigger government, out of control spending, more taxes, and less freedom for…