The presidency of Richard Nixon began at noon EST on January 20, 1969, when Richard Nixon was inaugurated as 37th President of the United States, and ended on August 9, 1974, when he resigned in the face of almost certain impeachment and removal from office, the only U.S. president ever to do so. In December 1969, Nixon somewhat reluctantly signed the Tax Reform Act of 1969 despite its inflationary provisions; the act established the alternative minimum tax, which applied to wealthy individuals who used deductions to limit their tax liabilities. As Nixon began his second term, the economy was plagued by a stock market crash, a surge in inflation, and the 1973 oil crisis. Observers coined a new term for the undesirable combination of unemployment and inflation: 'stagflation,' a phenomenon that would worsen after Nixon left office. There was a renewed push for health insurance reform in 1974.
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