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Between summer 1981 and summer 1982, tax revenue fell by about 6% in real terms, caused by the dual effects of the economy dipping back into recession (the second dip of the "double dip recession") and Kemp-Roth's reduction in tax rates, and the deficit was likewise rising rapidly because of the fall in revenue and the rise in government ...
After the Economic Recovery Tax Act of 1981 revenues fell by 6% in real terms. This promoted a tax increase that passed the House in late 1981 and the Senate in mid-1982 called the Tax Equity and Fiscal Responsibility Act of 1982. This act was an agreement between Reagan and the Congress that raised revenues for the following years. Following ...
Amid growing concerns about the mounting federal debt, Reagan signed the Tax Equity and Fiscal Responsibility Act of 1982, [202] one of the eleven times Reagan raised taxes. [203] The bill doubled the federal cigarette tax , rescinded a portion of the corporate tax cuts from the 1981 tax bill, [ 204 ] and according to Paul Krugman , "a third of ...
Faced with concerns about the mounting federal debt, Reagan agreed to raise taxes, signing the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA). [54] Many of Reagan's conservative supporters condemned TEFRA, but Reagan argued that his administration would be unable to win further budget cuts without the tax hike. [55]
Beyoncé’s upcoming album is titled “Cowboy Carter,” the singer revealed on her website on Tuesday. The country music project is the long-awaited “Act II” of her 2022 “Renaissance ...
September 3 – Speaker O'Neill and President Reagan settle one of the most unforgettable deals in US history (Tax Equity and Fiscal Responsibility Act), which would cut the ratio of spending of three to one and add more taxes. September 5 – Iowa paperboy Johnny Gosch is kidnapped. September 15 – The first edition of USA Today is published. [8]
The accelerated depreciation changes were repealed by the Tax Equity and Fiscal Responsibility Act of 1982, and the 15% interest exclusion was repealed before it could take effect by the Deficit Reduction Act of 1984. The maximum expense in calculating credit was increased from $2,000 to $2,400 for one child and from $4000 to $4800 for at least ...
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