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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 ...
[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 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%.
The bill established federal expenditures for fiscal year 1982, which ran from 1 October 1981 through 30 September 1982. The budget bill was the spending counterpart to the revenue bill, the Economic Recovery Tax Act of 1981. The two bills progressed through Congress and were signed by the President together.
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 ]
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 ...
The R&D Tax Credit was originally introduced in the Economic Recovery Tax Act of 1981 sponsored by U.S. Representative Jack Kemp and U.S. Senator William Roth. [1] Since the credit's original expiration date of December 31, 1985, the credit has expired eight times and has been extended fifteen times. The last extension expired on December 31 ...