Tax Equity and Fiscal Responsibility Act of 1982

Also found in: Dictionary, Thesaurus, Medical, Legal, Encyclopedia, Wikipedia.
Related to Tax Equity and Fiscal Responsibility Act of 1982: Tax Reform Act of 1986

Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA)

Legislation to increase tax revenue by eliminating various taxation loopholes and instituting tougher enforcement procedures in collecting taxes.

Tax Equity And Fiscal Responsibility Act of 1982

Legislation in the United States, passed in 1982, that rolled back some of the tax cuts the federal government enacted the previous year. It repealed accelerated depreciation deductions and created a 10% withholding tax on all dividends sent to accounts without tax identification numbers. It also increased the unemployment tax. While TEFRA raised taxes, they remained well below what they were prior to Ronald Reagan's accession to the presidency. See also: Reaganomics.

References in periodicals archive ?

These costs can be mitigated by minimizing the policy's death benefit, based on guidelines in the Tax Equity and Fiscal Responsibility Act of 1982 and the Tax and Miscellaneous Revenue Act of 1986.

New life insurance strategies

Section 338 of the Internal Revenue Code was enacted as a reform and simplification measure as part of the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA).

Proposed section 338 consistency regulations

The Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA) imposed a 10-percent withholding on interest and dividend payments, effective July 1, 1983, but this provision was repealed by the Interest and Dividends Compliance Act of 1983.

Personal income and adjusted gross income 1981-83

6221-6234, on the tax treatment of "partnership items," added to the Code by the Tax Equity and Fiscal Responsibility Act of 1982.

Relief from partnership late-filing penalties

It cites the legislative history of the Tax Equity and Fiscal Responsibility Act of 1982 as supporting the application of section 189 to pipelines and other improvements.