Good evening, everybody thank you all so much for joining us today. Its my pleasure to welcome everybody to todays event, a celebration of the 40 Year Anniversary of the reagan tax cuts. Im matt dickerson, director of the Grover Center for the global budget here at the Heritage Foundation. Our team and i focus our research on issues related to taxing and spending. Unfortunately, i think theres been a little too much of both of those going on recently. But were very excited to be launching this event, this celebration the economic recovery tax act was a positive change in tax policy, yes. But it represented much more than that. It was a change in the mindset. The 1970s were a time of high inflation, high unemployment, low opportunity. Our nations leaders rejected the idea of american greatness and thought the American Dream was behind us. 30 years ago, the heritage hosted a celebration for the tenth anniversary of the tax cuts. It was titled, the importance of americas victory over washington. Think about that for a second. Americas victory over washington. As the tax cuts were being debated in congress, president reagan gave voice to this sentiment in his televised address, reassuring the American People quote, all the lobbying, the organized demonstrations, and the cries of protest by those whose way of life depends on governments wasteful ways, were no match for your voices, which were heard loud and clear. So, its healthy and very important for our movement to celebrate our successes. And remember the good things that were accomplished for the country. Its even more important for us to come together and consider the lessons learned. And teach the next generations how to apply those lessons to the challenges of today and the challenges of tomorrow. A retrospective analysis of the 1981 tax cuts, performed by the tax foundation, that if had been fully allowed to stay in place instead of being partially rolled back by later tax hikes, it would have increased the long run gdp by 8 . 8 thats a huge number. Think about how good that would have been for the country. Perhaps we should have given that a try. It turns out if you lower taxes, reduce regulatory burdens, allow people to keep more of their own money, and allow them to make their own decisions about what to do with it, it results in more Economic Growth, more prosperity, and Higher Standards of living for the American People. But now, President Bidens agenda adds another major threats to american prosperity and our way of life. Theyre threatening massive tax hikes, a massive expansion of government control over the most personal aspects of your life, not to mention key provisions of the tax code under current law are seen going to be expiring. The tax code is still too burdensome, too uncompetitive. And perhaps, most importantly, the size and scope of government has grown, its too unsustainable. Its too costly. Its too harmful. Hi spending restricts current and future Economic Growth. It infringes on liberty and has very serious negative effects on peoples lives and their liberty. So its vital that we all work together, rise to meet this moment, and address these challenges head on, just as president reagan addressed the challenges of his time. In his book, the age of reagan, Stephen Hayward made a really interesting observation. He said that one of the things that made the supply side phenomenon so remarkable is that there were so few supplying siders. There werent even enough supply siders to fill all the key positions in the Reagan Administration. And its notable that some of the most ardent criticism of the supply insiders came from republicans, but the supply supplysiders understood the way the world works, and the American People intuitively understood as well. So, when president reagan and stephen and all the others harness the power of ideas, harness the power of principles, went on offense and spoke truthfully and unapologetically, make one. We won. Even the democrats at the time started talking about the need to reduce tax rates in order to help fix the economy. The Heritage Foundation analysis at the time called that the triumph of supply side. Unfortunately, too many of todays conservatives are willing or are unable to argue terms of the First Principles of our true north as well as president reagan did. We have truth and justice and fairness and other things on our side, so lets shout about it and talk about it boldly and proudly. Here to do just that, we have a very distinguished and fantastic lineup this evening that needs little introduction. We will hear remarks from ed , attorney general and key adviser to president reagan, and the Heritage Foundations Ronald Reagans distinguished fellow americans will hear from founder and chairman of associates, on a Panel Moderated by Larry Goodloe the host of goodloe on fox business network. Were going to hear from harriet Steven Forbes the committee to unleash prosperity, stephen moore. Senior fellow at the independent institute, judy shelton. And speech writer to president reagan, anthony dolan. First, id like to turn the stage over to my friend and head of the reagan alumni association, luke gordie. Luke . Im luke korte, executive direction of reagans alumni association, and on behalf of the board, we are delighted to cohost this event with the Heritage Foundation and the committee to unleash prosperity, to celebrate the 40th anniversary of the signing of president reagans tax cuts. We are at a surreal moment on the one hand, we are talking about the massive reagan tax cuts and across the street and downtown, we have President Biden and democrats looking to spend 1. 9 trillion, i think its called, the American Rescue act, 1. 2 trillion for infrastructure, 3. 5 trillion, and so on and so forth. Its terrible where we are now, but lets remember, it was terrible at the end of the 1970s, and because of folks like reagan, folks like the people in this room, and others around the country, we will rebound. I want to take just a couple of minutes to touch on some of the quotes of Ronald Reagan when he talked about his tax cuts because it helped position the argument pretty well, leading up to it, and then talking about it afterwards. Many of you recall one of the quotes he used often was governments view of the economy could be summed up in a few short phrases. If it moves, tax it. If it keeps moving, regulate it. It and if it stops moving, subsidize it. Another one is, the problem is not that people are taxed too little. The problem is that government spends too much. He said when John Kennedys tax program, which he said was not too dissimilar from his, was passed, the same thing happened. More revenue and lower tax rates. He said a taxpayer is someone who works for the federal government, but doesnt have to pass the Civil Service exam. And he said our federal tax system is in short, utterly impossible, utterly unjust, completely counterproductive. It wreaks with injustice and is fundamentally unamerican. It has earned a rebellion and it is time we rebel again. A couple more is, he said, if you reduce tax rates and allow people to spend or save more of what they earn, there will be more industrious. They will have more incentive to work hard, and keep the money that they earn. They will add fuel to a great economic machine that energizes our national progress. The result, he said . More prosperity for all and more revenue, consequently, for governments. There were a few economists at the time that called this principle supply side economics, and he said, sometimes, he calls it just common sense. Lastly, as one of his more colorful ones, he said the american taxing structure, the purpose of which was to serve the people, began instead to serve the insatiable appetite of government. He said, if you will forgive me, you know, someone has likened government to a baby. It is an elementary canal with an appetite at one end and no sense of responsibility at the other. President reagans tax cuts certainly stimulated the economy, created billions of jobs, and got the country out of president carters self described malays, malaise. Speaking of president carter, i will try my own attempt at reagan like humor, lets imagine in, that president carter was jogging around the tidal basin and he slipped and fell in and was drowning. Secret service may be looking the other way, and three terminal books took off his bike and saved him. He said, im president of the United States. Id like to do something for. You first get says, can i get it over the white house . President carter says, you saved my life. I will give you the tour myself. Second kid says, can i just get a new bike . Ill buy you the best bike there is. You saved your life. Im the president of the United States. The third kid says, as president of the United States, do you oversee Arlington Cemetery . He said, i do. As president , do you have enough power to get me a plot . There but what about, you your ten years old. Why are you thinking of death . He said, but because if i tell my parents i saved you, theyre going to kill me. [laughs] next, ill hear some remarks from thank you very much. Its a pleasure. That was great, by the way its fun being with all of. You chose a few on the panel, i wish i was. There ive got to go up to the mountain tomorrow where im going to be hosting that event of the honorary 40 years, and that will be fun, too. I wish you all were there. What i just wanted to say, and i dont want to overlook all the other accomplishments of the Reagan Administration and what the president did. For example, coming in and seeing the end of the iran hostage crisis that day, the moment he took the oath of office. Incredible. That showed us just the power. We had a joke before he took the oath of office of whats and the answer was tehran ub about 15 minutes after reagan takes the oath of office. That was a joke. They understood the threat from reagan, and they released the hostages as he took the oath of office. I also dont want to underestimate the power of the controlled oil. We had all the gas lines, if any of you remember that, said the limits of how long a cast line came back would be how long it took to drive through one full tank of gas. You could never get any longer than that. And they close that line. And then, of course, that air Traffic Controllers, i dont want to underestimate. That was very powerful as well. As some of you may know, it was the air Traffic Controllers, so correct me if im wrong in that, that i believe that was the only union that are supported us in the republican primary in. I think they were the only union that supported us in the general election. But even with all of that goodwill towards the administration from the administration to them, you cant strike against the American People, and Ronald Reagan gave them a firm edict without consideration of the favors they did for us, and literally fired the air Traffic Controllers. Thats really a powerful thing as well. Or the focus on the attack. I look at the earth as being the first installment of a two installments policy. The next one was the 86 tax act. Those two together just unleashed supply side economics on the economy. A proof that economics, supply side economics, really worked. People respond to incentives. They really do. I was shocked at some of the details of the responses to incentives that occurred with the supply side economics, and, also with the tax cuts. To get the bill through the house and the senate, president reagan agreed to phase in the tax cuts. The tax cuts actually began in full on january 1st,. It is amazing to me how tax cuts dont work until they take effect. We had the deep downturn in 81, when the tax cuts took effect out of literally one minute into the, bam, they hit from january 1st, through june of, and 18 month period, the u. S. Economy grew by 12 in real terms. 12 . We grew at an average annual rate at a little less than 8 year over here. Thats chinese growth rates. Its amazing what did it. If you look at the whole set of policies there, and i just want to go through them, we had tax cuts, we had paul hoke or deserves an enormous amount of credit for the type of policies that he put in this administration. Even though he was appointed by jimmy carter, he did the greatest job. You have sound money, tax cuts, free trade, and, deregulation, and you look at the prosperity we had. That prosperity was wonderful. I dont understand like walter heller, the architect of the kennedy tax cuts, or so he said, why he would be against it when its almost the exact same thing with Ronald Reagan. But he was. He said we would have hyperinflation. You just tell me, have the supplying more goods to the marketplace cause prices to rise . If you have a bumper crop in apples, the price of apples doesnt go up. It goes down, duh in a way, you look at the situation there. This is a beautiful period. It was simple, as larry gatlin said, and im going to turn it over to and in one second. Dear friend, mary catherines, and im just going to quote larry here, as all of you know, night of the national because national and tennessee are the lowest tax states in the nation i want you to know, i find it that way. But larry gatlin says, it aint rocket surgery. [laughs] you want an economy of prosperity . A poor person cant spend themself into wealth. Jack kennedy put it so beautiful. The best form of defense spending is always wasted whenever you find yourself in a situation where you need your military hardware and prowess. Thats a clear sign you did not spend enough. Reagan understood all of these policies, put them altogether, it created the greatest prosperity ever, and i am so proud i was able to work with him. I just loved it. It was terrific. And now i want to give you the dean of all scenes of the reagan period, my dear friends, and, man i wish i would be up there tomorrow, but ed meese is the heros hero. The show is yours. [applause] thank you. Great job as usual. I want to let you know how happy i am to be with you and my friends here today on this program. This was a very important day for the country, when these tax cuts was announced. The legislation set, and find, in 1981. An important day for the presidency of Ronald Reagan, that was really the crux of getting things started, catching the country back again. But there is one person whos not here today with us, unfortunately. Thats Martin Anderson. Martin passed away a number of years ago. He was very instrumental back in,. He has been with Ronald Reagan sends campaigns for the presidency, both 1976 and 1980. It was at that time, as you point out, our country was in deep trouble. We were in the greatest economic crisis since the Great Depression of the 1930s. In the transition, Ronald Reagan had smart planners come up with a strategy for how we could get the country back on track. So, martin went to work, art, he definitely had your ideas in mind when he illustrated the supply side economy by, i believe, throwing a design on the back of a cottontail napkin. I think that is somewhat significant. I think what your work was impacted how you did it. You were able to explain a fairly complex subject in a very simple and very illustrative way. And so Martin Anderson went to work, having been charged by the president , the president elect at that time. With this task, he came to the president with a four point strategy which he related to him in the transition, i believe, december and start of january 1981. There were four points. Some of which youve already talked about today. The first was the tax cuts. The second was regulatory reform. The third was maintaining a stable Monetary Policy. And the fourth was slowing the growth of federal spending. Each of these was important. The tax cut was absolutely significant, because this was the one that mainly took the American People and through the families would be able to benefit from the new policies of this administration. And so, the tax cut was put into effect when Ronald Reagan signed the legislature on the 12th of august, 1981. There, in the porch of the ranch house, his ranch and this was the day where im glad we are able to celebrate 40 years showing, actually, as you pointed out, that conservative ideas, particularly, conservative economic ideas, worked. Im sure the panel that will be speaking later on today will describe this in more detail. But the challenge, of course, was the plan was an action, to get it passed by the legislature, and thats why this date itself is so important. The challenge after that was to make sure that these tax cuts could be a continued. It was a big move in, because as you point out, art, the whole program and the effect of the impact we still had some Major Economic problems in 1982. Many people talked about jeffs thing, the tax cuts. Ronald reagan i remember being with him in the oval office when he told those who tried to do away with the tax cuts that he was going to stand firm, and there was no way they were going to be able to change or modify or destroy the significant foundation for the economic recovery that then began. As you point out, art, that was the start that finally took effect. That