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The Tax Equity and Fiscal Responsibility Act of 1982 (Pub. L. 97–248), [1] also known as TEFRA, is a United States federal law that rescinded some of the effects of the Kemp-Roth Act passed the year before.
Fiscal Responsibility Act may refer to: Tax Equity and Fiscal Responsibility Act of 1982, an Act of the 97th United States Congress; Fiscal Responsibility Act of 2007, a proposed Act of the 110th United States Congress; Fiscal Responsibility Act 2010, an Act of the United Kingdom Parliament
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 ...
The accelerated depreciation changes were repealed by the Tax Equity and Fiscal Responsibility Act of 1982, and the 15% interest exclusion was repealed before it could take effect by the Deficit Reduction Act of 1984.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 ...
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 [203] The bill doubled the federal cigarette tax , rescinded a portion of the corporate tax cuts from the 1981 tax bill, [ 204 ] and according to Paul Krugman , "a third of ...
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It amended the Tax Equity and Fiscal Responsibility Act of 1982 to repeal, as of June 30, 1983, provisions which require the withholding of tax on interest and dividends. It provided a system of backup withholding for taxpayers who underreport interest and dividend income or who fail to provide accurate taxpayer information.