Ronald Reagan may be associated with lower taxes, but two bills passed in 1982 and 1984 constituted the largest peacetime tax hike in history, according to CNNMoney.com. The legislation raised tax revenue by closing loopholes and eliminating tax breaks, canceling out the lost revenue from the 1981 tax cuts he is remembered for. During Reagan's presidency, annual federal tax receipts averaged 18.2% of GDP, just below what they were during the Carter administration and slightly higher than the 40-year average today.

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