“The largest tax cut in the history of our country”

What the record shows

The Tax Cuts and Jobs Act of 2017 (Trump1) reduced federal revenues by ~$1.5T over 10 years (CBO estimate). The Economic Recovery Tax Act of 1981 (Reagan) reduced revenues by ~$750B nominal; adjusted for inflation and GDP growth, 1981 was larger as a share of economy. By absolute nominal dollars, 2017 was largest; by economic impact relative to GDP, 1981 was comparable or larger.