Between 1984 and 1986, Ronald Reagan, was in his second term of office after defeating Walter Mondale in a landslide victory in the 1984 election:

Reagan enacted significant tax reforms with the Tax Reform Act of 1986, which simplified the tax code by reducing rates and removing several tax breaks.
He continued to implement economic policies known as "Reaganomics," inspired by supply-side economics, focusing on tax cuts and reduction in government spending, except for military expenditure.
The federal debt increased significantly due to the combination of tax cuts and an increase in defense spending, leading to budget deficits.
Reagan signed the Immigration Reform and Control Act of 1986, which enacted sweeping changes to U.S. immigration law and granted amnesty to three million illegal immigrants.
The ramifications of Ronald Reagan's war on drugs included escalated incarceration rates, disproportionately impacting communities of color, and fostering a punitive approach to drug policy. Additionally, his administration's initial indifference to the AIDS epidemic contributed to delayed research and intervention efforts, exacerbating the crisis, particularly among marginalised populations.
Reagan appointed William Rehnquist as the new Chief Justice of the Supreme Court in 1986, elevating him from his position as an Associate Justice. This change was part of Reagan's broader impact on the Court, emphasizing a conservative shift in its composition and decisions.

The administration faced controversy over covert arms sales to Iran to fund Contra rebels in Nicaragua, leading to the Iran-Contra scandal, which resulted in the conviction or resignation of several administration officials.

Reagan's presidency during this period was marked by a revival of national confidence and prestige.

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