ERTA of 1981
E1029406
ERTA of 1981 is a major U.S. federal tax law enacted under President Ronald Reagan that significantly reduced individual income tax rates and aimed to stimulate economic growth through supply-side policies.
Observed surface forms (1)
| Surface form | Occurrences |
|---|---|
| Economic Recovery Tax Act of 1981 | 0 |
Statements (49)
| Predicate | Object |
|---|---|
| instanceOf |
United States federal tax law
ⓘ
tax reform legislation ⓘ |
| affectedAgency | Internal Revenue Service NERFINISHED ⓘ |
| alsoKnownAs | Kemp–Roth Tax Cut NERFINISHED ⓘ |
| appliesTo |
business taxpayers in the United States
ⓘ
individual taxpayers in the United States ⓘ |
| codifiedIn | Internal Revenue Code NERFINISHED ⓘ |
| country |
United States of America
ⓘ
surface form:
United States
|
| dateSigned | 1981-08-13 ⓘ |
| economicPhilosophy | trickle-down economics ⓘ |
| enactedUnderPresident | Ronald Reagan NERFINISHED ⓘ |
| followedBy |
Tax Equity and Fiscal Responsibility Act of 1982
NERFINISHED
ⓘ
Tax Reform Act of 1986 NERFINISHED ⓘ |
| hasAcronym |
ERTA
NERFINISHED
ⓘ
ERTA of 1981 NERFINISHED ⓘ |
| introducedMarginalRateCut | 25 percent across-the-board reduction in individual income tax rates ⓘ |
| introducedProvision |
Accelerated Cost Recovery System
NERFINISHED
ⓘ
Enhanced depreciation allowances for business investment ⓘ Estate and gift tax reductions ⓘ Expanded eligibility for Individual Retirement Accounts ⓘ Increased contribution limits for Individual Retirement Accounts ⓘ Indexing of individual income tax brackets for inflation ⓘ Targeted tax incentives for small businesses ⓘ Tax incentives for savings ⓘ |
| legislativeChamber | United States Senate ⓘ |
| legislativeChamberOfOrigin | United States House of Representatives NERFINISHED ⓘ |
| namedAfter |
Jack Kemp
NERFINISHED
ⓘ
William Roth NERFINISHED ⓘ |
| partOfEconomicProgram | Reaganomics NERFINISHED ⓘ |
| policyGoal |
reduce individual income tax burden
ⓘ
stimulate economic growth ⓘ |
| policyOrientation | supply-side economics ⓘ |
| precededBy | Revenue Act of 1978 NERFINISHED ⓘ |
| publicLawNumber | Public Law 97-34 NERFINISHED ⓘ |
| rateCutPhaseInPeriod | three years ⓘ |
| reducedTaxType |
business taxes
ⓘ
estate tax ⓘ individual income tax ⓘ |
| signedBy | Ronald Reagan ⓘ |
| soughtToInfluence |
business investment
ⓘ
capital formation ⓘ labor supply ⓘ |
| sponsoredBy |
Jack Kemp
NERFINISHED
ⓘ
William Roth NERFINISHED ⓘ |
| statutesAtLargeCitation | 95 Stat. 172 ⓘ |
| title | An Act to encourage economic growth through reductions in individual income tax rates, the expensing of depreciable property, incentives for small businesses, and incentives for savings, and for other purposes ⓘ |
| topMarginalRateAfter | 50 percent ⓘ |
| topMarginalRateBefore | 70 percent ⓘ |
| yearEnacted | 1981 ⓘ |
Referenced by (1)
Full triples — surface form annotated when it differs from this entity's canonical label.
subject surface form:
Economic Recovery Tax Act of 1981