Hisfirsttaxbill was enacted in August 1981. Itincludeda sweepingcut inmarginal income tax rates, reducing the top rate to 50% from 70% and the lowest rate to 11% from 14%.
Among the sparks for the White House session was House Speaker Newt Gingrich's plan to temporarily take his party's sweeping tax cut demand off the table, putting his energy first into reaching a balanced budget agreement.