Deficit Reduction Act of 1984


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Deficit Reduction Act of 1984

Legislation in the United States that closed some loopholes and eliminated some taxes, but for the most part increased American tax levels. Among other provisions, the Act did this by increasing the number of years over which some assets are depreciated, ending the net interest exclusion up to $900, and established stricter rules for income averaging. Its name in the House of Representatives was the Tax Reform Act of 1984.
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Even before the Deficit Reduction Act of 1984 encouraged expansion of physicians' office testing, the Health Care Financing Administration reported that manufacturers, independent laboratory owners, and corporate officials widely recognized physicians' office laboratories as "the most rapidly growing segment of the market supplying lab tests.'1
For example, in recent years benefit plans have been affected by the Economic Recovery Tax Act of 1981, the Tax Equity and Fiscal Responsibility Act of 1982, the Deficit Reduction Act of 1984, and the Retirement Equity Act of 1984.
The Deficit Reduction Act of 1984. -- The Deficit Reduction Act of 1984 (DRA) was enacted in August 1984; a complete description of DRA is in the August 1984 SURVEY.
Because of this, the RLR concept lost favor with passage of the Deficit Reduction Act of 1984, which imposed the following restrictions on RLR plans:
280F to the Code with the enactment of the Deficit Reduction Act of 1984, P.L.
This would fit nicely with authority that Congress granted the Health and Human Services Department in the Deficit Reduction Act of 1984 to find lower-cost, private-sector alternatives to Federal inspection and accreditation.
Among transfer payments, military retirement pay included a $5-1/2 billion increase, following a decline in the fourth quarter of the same amount, because the Deficit Reduction Act of 1984 shifted the payment of benefits scheduled for December 31, 1984 to January 1, 1985.
on Taxation, General Explanation of the Revenue Provision of the Deficit Reduction Act of 1984, 98th Cong., 2d Sess.
The decline in low-rent public housing loans reflects a decline from an unusually large outlay--$14.3 billion--in 1985 by the Department of Housing and Urban Development to purchase public and Indian housing loans for which the tax-exempt status has been questioned because of a provision of the Deficit Reduction Act of 1984; in 1986, these outlays amount to $1.8 billion.
The launch came with the Deficit Reduction Act of 1984, whose Medicare reforms included a directive that the Health Care Financing Administration begin immediately paying for non-inpatient tests according to regionally calculated fee schedules.
Before the enactment of section 461(h) as part of the Deficit Reduction Act of 1984, an expense was deductible in the taxable year in which all the events had occurred which determined the fact of the liability, and the amount of the liability could be determined with reasonable accuracy.
The 1984 quarterly estimates incorporate the effects of the tax changes resulting from the Deficit Reduction Act of 1984. (For a detailed explanation of the changes and their effects, see the August 1984 issue of the SURVEY.) The third-quarter decline in tax liability reflected the decline in profits before tax.