Tax Equity And Fiscal Responsibility Act Of 1982 - TEFRA

Tax Equity And Fiscal Responsibility Act Of 1982 - TEFRA
Federal tax legislation passed in 1982 that 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 rates were given a maximum of 50%. The TEFRA modified aspects of the ERTA which caused concern over potential large budget deficits. TEFRA increased the tax received but not the tax rates. This was done by removing some of the tax breaks businesses received in the ERTA, such as the increase in the amount of accelerated depreciation that a company could deduct.


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  • Tax Equity and Fiscal Responsibility Act of 1982 — The Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA), a United States federal law, rescinded some of the effects of the Economic Recovery Tax Act (ERTA, colloquially known as the Kemp Roth Tax Cut) passed the year before.The scheduled… …   Wikipedia

  • Tax Equity and Fiscal Responsibility Act of 1982 — ( TEFRA) Legislation to increase tax revenue by eliminating various taxation loopholes and instituting tougher enforcement procedures in collecting taxes. Bloomberg Financial Dictionary …   Financial and business terms

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