Public Law 97-34

E315162

Public Law 97-34 is the formal designation of the Economic Recovery Tax Act of 1981, a major U.S. federal law that significantly reduced income tax rates and aimed to stimulate economic growth.

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Label Occurrences
Public Law 97-34 canonical 2

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Statements (47)

Predicate Object
instanceOf United States federal statute
tax law
acceleratedCostRecoverySystemAcronym ACRS
aimedTo reduce federal income tax rates
stimulate economic growth
alsoKnownAs Economic Recovery Tax Act of 1981
surface form: Kemp–Roth Tax Cut
amended Internal Revenue Code
surface form: Internal Revenue Code of 1954
changedCapitalGainsTaxTreatment true
codifiedIn Title 26 of the United States Code
country United States of America
dateSigned 1981-08-13
effectOnFederalRevenue reduced projected federal tax revenues
enactedBy 97th United States Congress
historicalContext Reagan administration economic program
increasedEstateTaxExemption true
individualRateCutSchedule 25 percent phased in over three years
influencedBy supply-side economics
introducedAcceleratedCostRecoverySystem true
introducedIndexationOfTaxBrackets true
introducedSupplySidePolicies true
jurisdiction United States government
surface form: federal government of the United States
legislativeChamberOfOrigin United States House of Representatives
longTitle 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.
officialName Economic Recovery Tax Act of 1981
partOf Reaganomics
phasedInRateCutsEndYear 1983
phasedInRateCutsStartYear 1981
policyArea economic policy
tax policy
presidentAtSigning Ronald Reagan
providedAcrossTheBoardIndividualRateCuts true
providedBusinessInvestmentIncentives true
providedTaxIncentivesForSavings true
publicLawNumber 97-34
reducedEstateAndGiftTaxes true
reducedMarginalIncomeTaxRates true
shortName ERTA
signedBy Ronald Reagan
sponsors Jack Kemp
William Roth
surface form: William V. Roth Jr.
statutesAtLargeCitation 95 Stat. 172
subjectMatter business taxation
capital gains tax
estate and gift taxes
federal income tax
taxBracketIndexationEffectiveYear 1985
yearEnacted 1981

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Referenced by (2)

Full triples — surface form annotated when it differs from this entity's canonical label.

ERTA publicLawNumber Public Law 97-34
subject surface form: Economic Recovery Tax Act of 1981