The Tax Equity and Fiscal Responsibility Act of 1982 (Pub.L. 97-248), also known as TEFRA, was a United States federal law that rescinded some of the effects of the Kemp-Roth Act passed the year before. As a result of ongoing recession, a short-term fall in tax revenue generated concern over the budget deficit. TEFRA was created in order to reduce the budget gap by generating revenue through closure of tax loopholes and introduction of tougher enforcement of tax rules, as opposed to changing marginal income tax 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.
Read more about Tax Equity And Fiscal Responsibility Act Of 1982: Summary of Provisions, Effects and Controversies
Famous quotes containing the words tax, equity and/or act:
“In 1845 he built himself a small framed house on the shores of Walden Pond, and lived there two years alone, a life of labor and study. This action was quite native and fit for him. No one who knew him would tax him with affectation. He was more unlike his neighbors in his thought than in his action. As soon as he had exhausted himself that advantages of his solitude, he abandoned it.”
—Ralph Waldo Emerson (1803–1882)
“If equity and human natural reason were allowed there would be no law, there would be no lawyers.”
—Christina Stead (1902–1983)
“The denial of our duty to act in this case is a denial of our right to act; and if we have no right to act, then may we well be termed “the white slaves of the North,” for like our brethren in bonds, we must seal our lips in silence and despair.”
—Angelina Grimké (1805–1879)