James Manor Summary of Chapter 3 of Gucci Gulch This chapter begins with Reagan asking the Treasury Department to overhaul the nation’s tax laws. To do this Reagan met with 10 advisors in “super-secret” meetings. Treasury Secretary, Regan, was placed in charge of spearheading this new tax plan. Regan used to be the chief executive of Merrill Lynch so he was thrilled to have another opportunity to rattle the business community. Regan had a fabled ego and was though of as Reagan’s “yes-man.” The president had a general interest in tax reform but gave no guidance on the form he thought it should take. Ronal Pearlman and Charles McLure were also made a large impact on the reform and Regan adopted most of their proposals with few exceptions. They believed that all income should be treated equally, and therefore taxed equally. They hoped to create a “neutral” tax system that did not influence private decisions. Overall, they though taxes were for revenue, not social change. On top
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Taxation in the United States, President Reagan, new tax plan