Tax Equity And Fiscal Responsibility Act Of 1982 - Tefra Definition

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Definition Of Tax Equity And Fiscal Responsibility Act Of 1982 - Tefra:

Federal tax legislation passed in 1982that modified some aspects of the Economic Recovery Tax Act of 1981 (ERTA).
Both of these pieces of tax legislation took place during the Reagan Presidency.The ERTA was a piece of tax legislation that greatly lowered income tax rates, and all very high ratesweregiven a maximum of 50%. The TEFRA modified aspects of the ERTA which caused concern overpotential large budget deficits. TEFRA increased the tax received but not the taxrates. This was done by removing some of the tax breaks businesses received in the ERTA, such astheincrease in the amount of accelerated depreciation that a company could deduct.

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