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The Economic Recovery Tax Act of 1981 (ERTA), or Kemp–Roth Tax Cut, was an Act that introduced a major tax cut, which was designed to encourage economic growth. The Act was enacted by the 97th Congress and signed into law by U.S. President Ronald Reagan .
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 Economic Recovery Tax Act of 1981 lowered the top tax rate from 70% to 50%. Five years later in 1986, Reagan signed the Tax Reform Act, which lowered it again to 28%.
[2] During his speech, President Reagan outlined his plan for economic recovery, calling for large cuts to taxes and federal spending. [1] Some observers described it at the time as the most comprehensive economic proposal since President Franklin D. Roosevelt announced his New Deal program in March 1933. [3]
The 2017 Tax Cuts and Jobs Act, signed by President Trump, was the most recent major overhaul to the IRS tax code. The legislation lowered taxes for 65% of American households, according to ...
President Ronald Reagan signing the Economic Recovery Tax Act of 1981 and the Omnibus Budget Reconciliation Act of 1981 at his Santa Barbara, California ranch, Rancho del Cielo, 13 August 1981. Photograph by official White House photographer, Karl Schumacher, courtesy of the Ronald Reagan Presidential Library (C03490-4A, https://www ...
In August 1981, the president signed the Economic Recovery Tax Act of 1981, a three-year tax cut plan. [12] As the recession deepened in 1982, Reagan's approval rating also dropped. As a result, during the 1982 midterm elections , Republican gains made in the House of Representatives during the 1980 election were reversed. [ 13 ]
August 13, 1981: Economic Recovery Tax Act (ERTA or Kemp-Roth Tax Cut), Pub. L. 97–34, 95 Stat. 172; August 13, 1981: Omnibus Budget Reconciliation Act of 1981, ...