| dbo:abstract |
The Tax Equity and Fiscal Responsibility Act of 1982 (Pub.L. 97–248), also known as TEFRA, is a United States federal law that rescinded some of the effects of the Kemp-Roth Act passed the year before. 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 expenditures. The rapid rise in the budget deficit created concern among many in Congress. TEFRA was created in order to reduce the budget gap by generating revenue through closure of tax loopholes, introduction of tougher enforcement of tax rules, rescinding some of Kemp-Roth's reductions in marginal personal income tax rates that had not yet gone into effect, and raising some rates, especially corporate rates. TEFRA was introduced November 13, 1981 and was sponsored by Representative Pete Stark of California. After much deliberation, the final version was signed by President Ronald Reagan on September 3, 1982. (en) |
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TEFRA (en) |
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House Ways and Means, Senate Finance (en) |
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House (en) |
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| dbp:longtitle |
An act to provide for tax equity and fiscal responsibility, and for other purposes. (en) |
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House (en) Senate (en) |
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50 (xsd:integer) 52 (xsd:integer) 226 (xsd:integer) voice vote (en) |
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Tax Equity and Fiscal Responsibility Act of 1982 (en) |
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The Tax Equity and Fiscal Responsibility Act of 1982 (Pub.L. 97–248), also known as TEFRA, is a United States federal law that rescinded some of the effects of the Kemp-Roth Act passed the year before. 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 expenditures. The rapid rise in the budget deficit created concern among many in Congress. TEFRA was created in order to reduce the budget gap by generating revenue through closure of tax loopholes, introduction of tougher enforcement of tax rules, rescindi (en) |
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Tax Equity and Fiscal Responsibility Act of 1982 (en) |
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