A study conducted by the Tax Foundation, a tax research group, has found the tax burden has shifted significantly from individuals to corporations since the pas sage of the
Economic Recovery Tax Act of 1981, which initially lowered rates for both groups.
Second, because 1983 tax rate schedules for estimated taxes did not fully reflect the reduction in liabilities under the
Economic Recovery Tax Act of 1981 (ERTA), quarterly estimated payments in 1983 were unusually large and the corresponding settlements in 1984 were unusually small.
The
Economic Recovery Tax Act of 1981 eliminated this, requiring all taxpayers to depreciate new or used real estate over 15 years.
Politicians opposed to supply-side economics have disparaged the
Economic Recovery Tax Act of 1981, introduced by then-President Ronald Reagan, as a "tax cut for the rich.
The accelerated methods and shortened depreciable lives included in the
Economic Recovery Tax Act of 1981 were a tremendous spur to real estate development during the early 1980s, and certainly contributed to the overbuilding that took place in the United States.
In the previous estimates, declines in personal income tax liabilities under provisions of the
Economic Recovery Tax Act of 1981 (ERTA) were assumed effective in October 1981, in July 1982, and in July 1983.
As the decade began, the
Economic Recovery Tax Act of 1981 put in place one of the largest tax reductions in history.
Court of Federal Claims DC District Court ERISA Employee Retirement Income Security Act of 1974 ERTA
Economic Recovery Tax Act of 1981 Fed.
First, the
Economic Recovery Tax Act of 1981, which was signed into law on the same day as the Omnibus Budget Reconciliation Act of 1981, reduced receipts $748.
Court of Federal Claims DC District Court DRA Deficit Reduction Act of 1984 ERISA Employee Retirement Income Security Act of 1974 ERTA
Economic Recovery Tax Act of 1981 Fed.
Staff of the Joint Committee on Taxation, General Explanation of the
Economic Recovery Tax Act of 1981, at 119-20 (1981).
This "bracket creep" is scheduled to be eliminated in 1985; the
economic Recovery Tax Act of 1981 provides for indexation of the individual income tax--automatic increases in personal exemptions and tax brackets in proportion to increases in a price index.
