1. President Reagan and his administration undertook tax reductions and budget cuts in order to foster economic growth. This action would stimulate economic productivity by putting more money back into the hands of taxpayers and reducing government spending. Document 5 supports this claim, stating that Reagan asked Congress to cut marginal tax rates by 30 percent and trim the budget by $41 billion, with the goal of reviving the economy.
2. President Reagan and his administration focused on reducing government regulations that affected private industry and businesses in order to foster economic growth. This action would alleviate the burden on businesses, allowing them to operate more efficiently and effectively, ultimately leading to economic growth. Document 5 indicates that Reagan believed that excessive regulation was harming the nation's economy, and his administration worked to eliminate and simplify regulations to support private enterprise.
3. President Reagan and his administration proposed tax reform that would lower corporate and individual tax rates while broadening the federal government's tax base in order to foster economic growth. By closing loopholes and eliminating tax shelters, this action aimed to increase government revenue despite reducing tax rates, ultimately contributing to economic growth. Document 5 mentions that the Treasury Department developed a tax reform proposal that would increase revenues through a combination of rate reductions and base broadening.