Problem
The Kennedy-Johnson tax cut reduced personal income tax rates by 20% during 1964 and 1965; the personal saving rate was virtually unchanged from 1963.4 to 1965.
The Reagan tax cut reduced personal income tax rates by 25% in 1982 and 1983; the personal saving rate fell sharply over that period. Why did the saving rate fall after the Reagan tax cut but not after the Kennedy-Johnson tax cut?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.