Shazam. I knew there was at least on genuine genius in California.

ERTA. (click title to entry - thank you) A federal law that reduced income tax rates and provided incentives for business, including an adjustment to depreciation rates. It was signed by Ronald Reagan in 1981. The law ultimately increased the federal budget deficit, and prompted some of ERTA to be reversed or reviewed in the TEFRA of 1982.
This was the grandstanding of President Reagan in his first year in office.

He was introducing The Economic Recovery Act of 1981 (ERTA).

This is the tax revision that COST the GDP 2.89 percent growth in four years time.  A NEGATIVE growth of the GDP was the result of ERTA.

But, Reagan knew how to make a big splash and it stopped the truth of his bumbling.

President Ronald Reagan signs the bill at Ranch del Cielo in 1981.

It was primarily this initial legislation that people remember as the 'revolution' that lowered their taxes.  From this moment forward, Reagan could do no "W"rong.

Rancho del Cielo, or "Sky's or Heaven's Ranch," is a 688-acre (1.075 sq mi) ranch located on the top of the Santa Ynez Mountains northwest of Santa Barbara, California. It was a vacation home for President Reagan and First Lady Nancy Reagan.

In addition to putting the federal infrastruture on a roller coaster from year to year, imagine what was transpiring in the business community from year to year.  One year business owners and operators had an accelerated 'depreciation rate.'  What would you do if all of a suddent you had the right to rapidly depreciate all kinds of equipment?  I know what I'd do.  I would purchase some equipment in anticipaiton of rapidly depreciation.  Well, imagine what would happen after only one year of such a 'tax break' and a business owner was stuck with expensive and slowly depreciating costs.  Not a good idea to put small businesses on a roller coaster.  It will put them out of business.  The purchases made under ERTA benefited Wall Street and no one else, in the long run.