Formerly chief executive officer at the investment firm of Merrill Lynch, Donald.T. Regan (b.1918) was appointed Secretary of the Treasury by President Ronald Reagan in 1981 and became the champion of Reagan's plan to cut taxes in order to stimulate investment. The Economic Recovery Act of 1981 introduced sweeping tax cuts, which especially affected big business. An undeviating champion of free enterprise, deregulation, and competition in American industry, Regan declared, "If you're going to be a capitalist, you have to believe in a free market economy."
The final result of the Reagan administration's revolutionary tax legislation was a twenty-five-percent reduction in federal income taxes. "The more I examine supply side economics, the more I find I've always been on this side. But I thought it was just old fashioned conservatism," he commented. Regan resigned in 1984 to become President Reagan's Chief of Staff. - Text Courtesy of the Office
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