Another controversy was that Reagan’s administration secretly sold weapons to Iran in exchange for the release of seven American hostages. Ronald Reagan’s presidency was successful.
The first reason why Reagan’s presidency was successful was he improved the economy by reducing income tax rates. Reagan signed the Economic Recovery Tax Act on August 13, 1981. The ERTA reduced individual tax by 23 percent over a three years period, lowered the top marginal tax bracket from 70% to 50% and the lowest bracket from 14% to 11%. Reagan addressed his plan for reducing taxes in his acceptance speech in at the Republican National Convention in Detroit on July 17, 1980. “I have long advocated a 30 percent reduction in income tax rates over a period of three years. This phased tax reduction would begin with a 10 percent "down payment" tax cut in 1981, which the Republicans and Congress and I have already proposed.” This showed Reagan’s presidency was successful because lowing the tax rate allowed people to save more money and have more money to spend. When the flow of consumer demand increased, the