Economic Recovery Tax Act Apush Definition

Economic Recovery Tax Act (ERTA) APUSH Definition: A Comprehensive Guide

The Economic Recovery Tax Act of 1981 (ERTA) looms large in American history, significantly shaping economic policy and leaving a lasting impact on the nation's fiscal landscape. Understanding its complexities is crucial for anyone studying AP US History (APUSH) or interested in the Reagan era's economic policies. This comprehensive guide provides a detailed APUSH definition of ERTA, exploring its key provisions, its intended effects, and its actual consequences. We'll delve into the controversies it sparked and analyze its long-term influence on the US economy.


What was the Economic Recovery Tax Act of 1981?

The Economic Recovery Tax Act of 1981, signed into law by President Ronald Reagan, was a landmark piece of legislation aimed at stimulating economic growth through significant tax cuts. Its core philosophy rested on supply-side economics, also known as "Reaganomics," which posited that lower taxes would encourage investment, boost production, and ultimately lead to higher overall tax revenue despite lower rates. This counter-intuitive approach challenged prevailing Keynesian economic theories of the time.

Key Provisions of the ERTA:

Reduced Marginal Tax Rates:

The ERTA's most prominent feature was a substantial reduction in marginal income tax rates across the board. The top individual income tax rate was slashed from 70% to 50%, with significant cuts at other income levels as well. This dramatic reduction was intended to incentivize individuals to work harder, save more, and invest more, fueling economic expansion.

Corporate Tax Cuts:

The act also included reductions in corporate income tax rates, aimed at stimulating business investment and job creation. The hope was that businesses, facing lower tax burdens, would invest more in capital equipment and expansion, leading to increased productivity and employment.

Accelerated Depreciation:

ERTA allowed businesses to accelerate the depreciation of their assets, meaning they could deduct the cost of their investments more quickly from their taxable income. This provided a further incentive for businesses to invest, as it effectively lowered their immediate tax liability.

Intended Effects vs. Actual Consequences:

The intended effects of the ERTA were a surge in economic activity, increased employment, and higher overall tax revenue. Proponents argued that the supply-side effects would more than compensate for the loss of tax revenue from lower rates.

However, the actual consequences were more complex and debated. While there was a period of economic growth following the passage of ERTA, the extent to which this growth was directly attributable to the tax cuts remains a subject of ongoing scholarly debate. Some economists argue that the tax cuts fueled inflation, leading to increased interest rates and ultimately hindering long-term growth. Others point to other factors, such as technological advancements and global economic conditions, as playing a more significant role.

The National Debt and ERTA:

A significant consequence of ERTA was a substantial increase in the national debt. The combination of tax cuts and increased military spending under Reagan led to large budget deficits, which accumulated over time. This contributed to a substantial rise in the national debt, a legacy that continues to impact US fiscal policy today.

ERTA and its place in APUSH:

Understanding the ERTA is crucial for students of APUSH because it represents a pivotal shift in US economic policy. It marks the triumph of supply-side economics and the beginning of a period of deregulation and reduced government intervention in the economy, a trend that has had long-lasting effects on American society and politics. Analyzing its impact requires careful consideration of its intended goals, its actual outcomes, and the ongoing debate surrounding its effectiveness. Essays might explore its impact on income inequality, its relationship to the rise of the New Right, and its long-term implications for American economic policy.

Conclusion:

The Economic Recovery Tax Act of 1981 stands as a watershed moment in American economic history. Its legacy remains complex and controversial, highlighting the ongoing debate surrounding the effectiveness of supply-side economics and the challenges of balancing economic growth with fiscal responsibility. Understanding its provisions, intended effects, and actual consequences is crucial for a nuanced understanding of the Reagan era and its continuing influence on modern American politics and economics.


FAQs:

1. How did ERTA impact income inequality? ERTA's disproportionate benefits to higher-income earners exacerbated existing income inequality, a point of contention among its critics. The debate centers around whether the increased economic activity generated by the tax cuts sufficiently benefited lower and middle-income groups.

2. What were the major criticisms of ERTA? Critics argued that the tax cuts primarily benefited the wealthy, leading to increased income inequality and a larger national debt. They also questioned the effectiveness of supply-side economics and its ability to generate the promised economic growth.

3. How did ERTA relate to Reagan's overall economic policy? ERTA was a cornerstone of Reagan's broader economic policy, known as Reaganomics, which emphasized tax cuts, deregulation, and reduced government spending. It represented a significant shift away from the Keynesian economic policies that had dominated the post-war era.

4. What are some primary sources that students can use to learn more about ERTA? Primary sources include the text of the ERTA itself, congressional debates surrounding its passage, and contemporary newspaper articles and economic analyses from the time.

5. How did ERTA contribute to the rise of the national debt? The combination of tax cuts and increased military spending under Reagan led to substantial budget deficits, which contributed significantly to the growth of the national debt during this period. This remains a key point of discussion when evaluating the long-term impacts of ERTA.


  economic recovery tax act apush definition: Contract with America Newt Gingrich, Richard K. Armey, 1994 The November 1994 midterm elections were a watershed event, making possible a Repbulican majority in Congress for the first time in forty years. Contract with America, by Newt Gingrich, the new Speaker of the House, Dick Armey, the new Majority Leader, and the House Republicans, charts a bold new political strategy for the entire country. The ten-point program, which forms the basis of this book, was announced in late September. It received the signed support of more than 300 GOP canditates. Their pledge: If we break this contract, throw us out. Contract with America fleshes out the vision and provides the details of the program that swept the GOP to victory. Among the pressing issues addressed in this important book are: balancing the budget, stopping crime, reforming welfare, reinforcing families, enhancing fairness for seniors, strengthening national defense, cutting government regulations, promoting legal reform, considering term limits, and reducing taxes.
  economic recovery tax act apush definition: The Resettlement Administration United States. Farm Security Administration, 1935
  economic recovery tax act apush definition: The Other America Michael Harrington, 1997-08 Examines the economic underworld of migrant farm workers, the aged, minority groups, and other economically underprivileged groups.
  economic recovery tax act apush definition: SALT II agreement United States. Department of State. Bureau of Public Affairs, 1979
  economic recovery tax act apush definition: Transport and Climate Change Tim Ryley, Lee Chapman, 2012-07-17 This topical volume covers the intersection between transport and climate change, with papers from the 'Transport & Climate Change' session of the RGS-IBG conference in London, September 2010. It considers the role of transport modes at varying spatial dimensions and a range of perspectives on the relationship between transport and climate change.
  economic recovery tax act apush definition: The Religious Right Gary E. McCuen, 1989 A collection of essays which define the religious right, discussing their attitudes regarding foreign policy, economic and social justice, homosexuality, and AIDS, from differing viewpoints. Includes a section on televangelists.
  economic recovery tax act apush definition: U.S. History P. Scott Corbett, Volker Janssen, John M. Lund, Todd Pfannestiel, Sylvie Waskiewicz, Paul Vickery, 2024-09-10 U.S. History is designed to meet the scope and sequence requirements of most introductory courses. The text provides a balanced approach to U.S. history, considering the people, events, and ideas that have shaped the United States from both the top down (politics, economics, diplomacy) and bottom up (eyewitness accounts, lived experience). U.S. History covers key forces that form the American experience, with particular attention to issues of race, class, and gender.
  economic recovery tax act apush definition: American Slavery as it is , 1839
  economic recovery tax act apush definition: Living in the Eighties Gil Troy, Vincent J. Cannato, 2009-10-22 Some see the 1980s as a Golden Age, a Morning in America when Ronald Reagan revived America's economy, reoriented American politics, and restored Americans' faith in their country and in themselves. Others see the 1980s as a new Gilded Age, an era that was selfish, superficial, glitzy, greedy, divisive, and destructive. This multifaceted exploration of the 1980s brings together a variety of voices from different political persuasions, generations, and vantage points. The volume features work by Reagan critics and Reagan fans (including one of President Reagan's closest aides, Ed Meese), by historians who think the 1980s were a disastrous time, those who think it was a glorious time, and those who see both the blessings and the curses of the decade. Their essays examine everything from multiculturalism, Southern conservatism, and Reaganomics, to music culture, religion, crime, AIDS, and the city. A complex, thoughtful account of a watershed in our recent history, this volume will engage anyone interested in this pivotal decade.
  economic recovery tax act apush definition: 33 Revolutions Per Minute Dorian Lynskey, 2011-03-03 Why 33? Partly because that's the number of rotations performed by a vinyl album in one minute, and partly because it takes a lot of songs to tell a story which spans seven decades and five continents - to capture the colour and variety of this shape-shifting genre. This is not a list book, rather each of the 33 songs offers a way into a subject, an artist, an era or an idea. The book feels vital, in both senses of the word: necessary and alive. It captures some of the energy that is generated when musicians take risks, and even when they fail, those endeavours leave the popular culture a little richer and more challenging. Contrary to the frequently voiced idea that pop and politics are awkward bedfellows, it argues that protest music is pop, in all its blazing, cussed glory.
  economic recovery tax act apush definition: Banking Panics of the Gilded Age Elmus Wicker, 2000-09-04 This study of post-Civil War banking panics has constructed estimates of bank closures and their incidence in five separate banking disturbances. The book reconstructs the course of banking panics in the interior, where suspension of cash payment was the primary effect on the average person.
  economic recovery tax act apush definition: High Standards for All Students , 1994
  economic recovery tax act apush definition: A Patriot's History of the United States Larry Schweikart, Michael Patrick Allen, 2004-12-29 For the past three decades, many history professors have allowed their biases to distort the way America’s past is taught. These intellectuals have searched for instances of racism, sexism, and bigotry in our history while downplaying the greatness of America’s patriots and the achievements of “dead white men.” As a result, more emphasis is placed on Harriet Tubman than on George Washington; more about the internment of Japanese Americans during World War II than about D-Day or Iwo Jima; more on the dangers we faced from Joseph McCarthy than those we faced from Josef Stalin. A Patriot’s History of the United States corrects those doctrinaire biases. In this groundbreaking book, America’s discovery, founding, and development are reexamined with an appreciation for the elements of public virtue, personal liberty, and private property that make this nation uniquely successful. This book offers a long-overdue acknowledgment of America’s true and proud history.
  economic recovery tax act apush definition: History of the Upper Guinea Coast Walter Rodney, 1982 Walter Rodney is revered throughout the Caribbean as a teacher, a hero, and a martyr. This book remains the foremost work on the region.
  economic recovery tax act apush definition: The New South Henry Woodfin Grady, 1890
  economic recovery tax act apush definition: Washington's Farewell Address George Washington, 1907
  economic recovery tax act apush definition: The Age of Reform Richard Hofstadter, 2011-12-21 WINNER OF THE PULITZER PRIZE • From the two-time Pulitzer Prize-winning author and preeminent historian comes a landmark in American political thought that examines the passion for progress and reform during 1890 to 1940. The Age of Reform searches out the moral and emotional motives of the reformers the myths and dreams in which they believed, and the realities with which they had to compromise.
  economic recovery tax act apush definition: Alcohol and Public Policy National Research Council, Division of Behavioral and Social Sciences and Education, Commission on Behavioral and Social Sciences and Education, Assembly of Behavioral and Social Sciences, Committee on Substance Abuse and Habitual Behavior, Panel on Alternative Policies Affecting the Prevention of Alcohol Abuse and Alcoholism, 1981-02-01
  economic recovery tax act apush definition: Japanese American Incarceration Stephanie D. Hinnershitz, 2021-10-01 Between 1942 and 1945, the U.S. government wrongfully imprisoned thousands of Japanese American citizens and profited from their labor. Japanese American Incarceration recasts the forced removal and incarceration of approximately 120,000 Japanese Americans during World War II as a history of prison labor and exploitation. Following Franklin Roosevelt's 1942 Executive Order 9066, which called for the exclusion of potentially dangerous groups from military zones along the West Coast, the federal government placed Japanese Americans in makeshift prisons throughout the country. In addition to working on day-to-day operations of the camps, Japanese Americans were coerced into harvesting crops, digging irrigation ditches, paving roads, and building barracks for little to no compensation and often at the behest of privately run businesses—all in the name of national security. How did the U.S. government use incarceration to address labor demands during World War II, and how did imprisoned Japanese Americans respond to the stripping of not only their civil rights, but their labor rights as well? Using a variety of archives and collected oral histories, Japanese American Incarceration uncovers the startling answers to these questions. Stephanie Hinnershitz's timely study connects the government's exploitation of imprisoned Japanese Americans to the history of prison labor in the United States.
  economic recovery tax act apush definition: Sustaining Global Surveillance and Response to Emerging Zoonotic Diseases National Research Council, Division on Earth and Life Studies, Board on Agriculture and Natural Resources, Institute of Medicine, Board on Global Health, Committee on Achieving Sustainable Global Capacity for Surveillance and Response to Emerging Diseases of Zoonotic Origin, 2010-01-24 H1N1 (swine flu), SARS, mad cow disease, and HIV/AIDS are a few examples of zoonotic diseases-diseases transmitted between humans and animals. Zoonotic diseases are a growing concern given multiple factors: their often novel and unpredictable nature, their ability to emerge anywhere and spread rapidly around the globe, and their major economic toll on several disparate industries. Infectious disease surveillance systems are used to detect this threat to human and animal health. By systematically collecting data on the occurrence of infectious diseases in humans and animals, investigators can track the spread of disease and provide an early warning to human and animal health officials, nationally and internationally, for follow-up and response. Unfortunately, and for many reasons, current disease surveillance has been ineffective or untimely in alerting officials to emerging zoonotic diseases. Sustaining Global Surveillance and Response to Emerging Zoonotic Diseases assesses some of the disease surveillance systems around the world, and recommends ways to improve early detection and response. The book presents solutions for improved coordination between human and animal health sectors, and among governments and international organizations. Parties seeking to improve the detection and response to zoonotic diseases-including U.S. government and international health policy makers, researchers, epidemiologists, human health clinicians, and veterinarians-can use this book to help curtail the threat zoonotic diseases pose to economies, societies, and health.
  economic recovery tax act apush definition: Got a Revolution! Jeff Tamarkin, 2003 Looks at the complex history of Jefferson Airplane, chronicling the band's origins in 1965 San Francisco and their influential role in 1960s and 1970s rock music that paved the way for other Bay Area music greats.
  economic recovery tax act apush definition: The Banking Crisis (RLE Banking & Finance) Marcus Nadler, Jules Bogen, 2012-05-31 This volume presents a clear and concise explanation of why the American banking crisis of 1933 occurred. The bulk of the book analyses the actual events of the final major panic which was ushered in by the closing down of the banks in the State of Michigan on February 14, 1933. The following three weeks made history and events happened so fast that years of banking history seemed to be compressed into as many days. The events are set within an historical context which enables the reader to see the panic in relation to what came before it.
  economic recovery tax act apush definition: The First New Deal Raymond Moley , 1966
  economic recovery tax act apush definition: Death Or Liberty Douglas R. Egerton, 2011 Here, the author offers a sweeping chronicle of African American history stretching from Britain's 1763 victory in the Seven Years' War to the election of slaveholder Thomas Jefferson as president in 1800.
  economic recovery tax act apush definition: Year of Meteors Douglas R. Egerton, 2010-10-04 “Egerton tells the story of the dissolution of the Union as it should be told, not from the perspective of those looking back on the crisis, but from the clouded vision of those who lived through it.” -Carol Berkin, author of A Brilliant Solution: Inventing the American Constitution and Civil War Wives In early 1860, pundits across America confidently predicted the election of Illinois senator Stephen A. Douglas in the coming presidential race. Douglas, after all, was a national figure, a renowned orator, and led the only party that bridged North and South. But his Democrats fractured over the issue of slavery, creating a splintered four-way race that opened the door for the upstart Republicans, exclusively Northern, to steal the Oval Office. Dark horse Abraham Lincoln-not the first choice even of his own party-won the presidency with a record-low share of the popular vote. His victory instantly triggered the secession crisis. With a historian's keen insight and a veteran political reporter's eye for detail, Douglas R. Egerton re-creates the cascade of unforeseen events that confounded political bosses, set North and South on the road to disunion, and put not Stephen Douglas but his greatest rival in the White House. Year of Meteors delivers a vibrant cast of characters-from the gifted, flawed Douglas to the Southern “fire-eaters,” who gleefully sabotaged their own party, to the untested Abraham Lincoln-and a breakneck narrative of this most momentous year in American history.
  economic recovery tax act apush definition: Democracy in Desperation Douglas Steeples, David O. Whitten, 1998-09-24 The Panic of 1893 and the depression it triggered mark one of the decisive crises in American history. Devastating broad sections of the country like a tidal wave, the depression forced the nation to change its way of life and altered the pattern and pace of national development ever after. The depression served as the setting for the transformation from an agricultural to an industrial society, exposed grave economic and social problems, sharply tested the country's resourcefulness, reshaped popular thought, and changed the direction of foreign policy. It was a crucible in which the elements of the modern United States were clarified and refined. Yet no study to date has examined the depression in its entirety. This is the first book to treat these disparate matters in detail, and to trace and interpret the business contraction of the 1890s in the context of national economic, political, and social development. Steeples and Whitten first explain the origins of the depression, measure its course, and interpret the business recovery, giving full coverage to structural changes in the economy; namely, the growing importance of manufacturing, emergence of new industries, consolidation of business, and increasing importance of finance capitalism. The remainder of the book examines the depression's impact on society—discussing, for example, unemployment, birth rate, health, and education—and on American culture, politics and international relations. Placing the business collapse at the center of the scene, the book shows how the depression was a catalyst for ushering in a more modern America.
  economic recovery tax act apush definition: The Interstate Commerce ACT United States, United States Interstate Commerce Comm, 2019-03-24 This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work. This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work. As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
  economic recovery tax act apush definition: America's History: Since 1865 James A. Henretta, 1987
  economic recovery tax act apush definition: Negotiating with the Soviets Raymond F. Smith, 1989 Smith's book contains a wealth of insights into Soviet negotiating style... -- Foreign Service Journal Smith, a professional diplomat, has made a timely and substantial contribution to a well-explored area.... his prescription for a more 'bipartisan' American foreign policy is especially convincing. -- Library Journal ... this is a surprisingly good monograph.... the writing is lively and open. -- World Affairs Report Smith is on solid ground in pointing to the factors of authority, risk-avoidance and control as keys to understanding Soviet negotiating behavior. He does have something new to say, and American diplomats should be listening. -- Foreign Affairs Raymond Smith's book, Negotiating with the Soviets, should be a required primer for new Foreign Service officers before their first negotiations with Soviet counterparts as well as mandatory reading for policymakers in the White House. -- The Russian Review ... a wealth of insights into Soviet negotiating style... -- Foreign Service Journal Drawing on his extensive experience negotiating with the Soviets, Smith argues that a unique political culture and ideology have produced a Soviet approach to international negotiations often dramatically different from that of the West.
  economic recovery tax act apush definition: Nothing to Fear Franklin Delano Roosevelt, B. D. Zevin, 2013-10 This is a new release of the original 1946 edition.
  economic recovery tax act apush definition: American Government: Stories of a Nation Scott Abernathy, Karen Waples, 2018-12-10 This new offering from AP® teacher Karen Waples and college professor Scott Abernathy is tailor-made to help teachers and students transition to the redesigned AP® U. S. Government and Politics course. Carefully aligned to the course framework, this brief book is loaded with instructional tools to help you and your students meet the demands of the new course, such as integrated skills instruction, coverage of required cases and documents, public policy threaded throughout the book, and AP® practice after every chapter and unit, all in a simple organization that will ease your course planning and save you time. We’ve got you covered! With a program specifically tailored for the new AP® framework and exam. With a brief student edition that students will read and enjoy. With pedagogy and features that prepare students for the AP® exam like no other book on the market. With a teacher edition and resources that save you time in transitioning to the new course. With professional development to help you transition your instruction.
  economic recovery tax act apush definition: Monetarist Economics Milton Friedman, 1991-01
  economic recovery tax act apush definition: Historical Thinking Skills John P. Irish, Barbara Ozuna, 2016-03-31 John Irish and Barbara Ozuna, both experienced history teachers, have teamed up to develop this workbook to focus on the historical thinking skills that high school students in the AP* World History course must master in order to perform well on the exam.
  economic recovery tax act apush definition: A History of the American People Paul Johnson, 1998-02-17 The creation of the United States of America is the greatest of all human adventures, begins Paul Johnson's remarkable new American history. No other national story holds such tremendous lessons, for the American people themselves and for the rest of mankind. Johnson's history is a reinterpretation of American history from the first settlements to the Clinton administration. It covers every aspect of U.S. history--politics; business and economics; art, literature and science; society and customs; complex traditions and religious beliefs. The story is told in terms of the men and women who shaped and led the nation and the ordinary people who collectively created its unique character. Wherever possible, letters, diaries, and recorded conversations are used to ensure a sense of actuality. The book has new and often trenchant things to say about every aspect and period of America's past, says Johnson, and I do not seek, as some historians do, to conceal my opinions. Johnson's history presents John Winthrop, Roger Williams, Anne Hutchinson, Cotton Mather, Franklin, Tom Paine, Washington, Adams, Jefferson, Hamilton, and Madison from a fresh perspective. It emphasizes the role of religion in American history and how early America was linked to England's history and culture and includes incisive portraits of Andrew Jackson, Chief Justice Marshall, Clay, Lincoln, and Jefferson Davis. Johnson shows how Grover Cleveland and Teddy Roosevelt ushered in the age of big business and industry and how Woodrow Wilson revolutionized the government's role. He offers new views of Harding, Coolidge, and Hoover and of Franklin Roosevelt's New Deal and his role as commander in chief during World War II. An examination of the unforeseen greatness of Harry Truman and reassessments of Eisenhower, Kennedy, Johnson, Nixon, Reagan, and Bush follow. Compulsively readable, said Foreign Affairs of Johnson's unique narrative skills and sharp profiles of people. This is an in-depth portrait of a great people, from their fragile origins through their struggles for independence and nationhood, their heroic efforts and sacrifices to deal with the `organic sin' of slavery and the preservation of the Union to its explosive economic growth and emergence as a world power and its sole superpower. Johnson discusses such contemporary topics as the politics of racism, education, Vietnam, the power of the press, political correctness, the growth of litigation, and the rising influence of women. He sees Americans as a problem-solving people and the story of America as essentially one of difficulties being overcome by intelligence and skill, by faith and strength of purpose, by courage and persistence...Looking back on its past, and forward to its future, the auguries are that it will not disappoint humanity. This challenging narrative and interpretation of American history by the author of many distinguished historical works is sometimes controversial and always provocative. Johnson's views of individuals, events, themes, and issues are original, critical, and admiring, for he is, above all, a strong believer in the history and the destiny of the American people.
  economic recovery tax act apush definition: United States History and Geography, Student Edition McGraw-Hill Education, 2011-06-03 United States History & Geography explores the history of our nation and brings the past to life for today s high school students. The program s robust, interactive rigor includes a strong emphasis on biographies and primary sources, document-based questions, critical thinking and building historical understanding, as well as developing close reading skills. ISBN Copy Trusted, renowned authorship presents the history of the United States in a streamlined print Student Edition built around Essential Questions developed using the Understanding by Design® instructional approach. Includes Print Student Edition
  economic recovery tax act apush definition: The Strategic Arms Limitation Talks United States. Department of State. Office of Public Communication, 1979
  economic recovery tax act apush definition: Congress Makes a Law Stephen Kemp Bailey, 1950 Describes the narrative Full Employment Bill from its birth in January 1945 to President Truman's signing in February 1946 to illustrate the formulation of public policy in the legislature.
  economic recovery tax act apush definition: The American Pageant Thomas Andrew Bailey, David M. Kennedy, 1991 Traces the history of the United States from the arrival of the first Indian people to the present day.
  economic recovery tax act apush definition: Refinancing of Farm Mortgages ... United States. Congress. House. Committee on Agriculture, 1935
  economic recovery tax act apush definition: "Yellow Peril" Richard Jaccoma, 1978
Economic Recovery Tax Act Apush Definition (PDF)
Economic Recovery Tax Act Apush Definition: Contract with America Newt Gingrich,Richard K. Armey,1994 The November 1994 midterm elections were a watershed event making possible a Repbulican majority in Congress for the first time in forty years Contract with America by Newt

Economic Recovery Tax Act Apush Definition (2024)
Economic Recovery Tax Act (ERTA) APUSH Definition: A Comprehensive Guide The Economic Recovery Tax Act of 1981 (ERTA) looms large in American history, significantly shaping economic policy and leaving a lasting impact on the nation's fiscal landscape. Understanding its complexities is crucial for anyone studying AP US History (APUSH) or ...

Economic Recovery Tax Act Apush Definition (PDF)
Economic Recovery Tax Act Apush Definition: The Economics of World War I Stephen Broadberry,Mark Harrison,2005-09-29 This unique volume offers a definitive new history of European economies at war from 1914 to 1918 It studies how …

Economic Recovery Tax Act Apush Definition (Download Only)
Economic Recovery Tax Act Apush Definition: The Economics of World War I Stephen Broadberry,Mark Harrison,2005-09-29 This unique volume offers a definitive new history of European economies at war from 1914 to 1918 It studies how European economies mobilised for war how existing

Symposium: The Economic Recovery Tax Act of 1981
The first thing to note about the Economic Recovery Tax Act of 1981 (ERTA) is that it reduced income tax rates very substantially with-out any significant offsetting increase in the base. The top marginal rates were reduced from seventy percent to fifty percent forthwith at …

Labor Supply and the Economic Recovery Tax Act of 1981
The Economic Recovery Tax Act of 1981 (ERTA) reduced that rate to 50 percent, and the Tax Reform Act of 1986 (TRA86) reduced it further to 28 percent. A dominant motivation for the initial law was to alleviate the disincentives for individuals to supply labor and to save that were generated by the high marginal tax rates.

Reagan Library Topic Guide The Economic Recovery Tax …
Jul 22, 2022 · Reagan Library Topic Guide – The Economic Recovery Tax Act of 1981 (ERTA) Reagan Library archival staff creates topic guides from textual material currently available for research use.

The Reagan Tax Cuts: Lessons for Tax Reform
Recovery Tax Act (ERTA) of 1981, the Reagan tax cuts. The core of this proposal was a version of the Kemp-Roth bill providing a 25 percent across-the-board cut in personal marginal tax rates. By reducing marginal tax rates and improving economic incentives, ERTA would increase the flow of resources into production, boosting economic growth.

Calendar No. 187 - United States Senate Committee on …
Jul 6, 1981 · The Economic Recovery Tax Act of 1981, as reported by the Finance Committee, provides the largest tax reduction in history. Tax relief in the committee's bill amounts to $37.0 billion in fiscal year 1982, $93.1 billion in 1983, and $149.5 billion in 1984. The tax cuts are

The Effect of the Economic Recovery Tax Act of 1981 on …
In 1981 , Congress passed the controversial Economic Recovery Tax Act (ERT A). ERT A reduced personal income tax rates and provided a new ac­ celerated depreciation system for business . Supporters of the legislation predicted that the increased after-tax returns produced by these tax reduc­

IMPACT OF THE ECONOMIC RECOVERY TAX ACT ON …
May 25, 1981 · the Economic Recovery Tax Act of 1981 (ERTA). Signed into law by President Reagan in August 1981, the act makes major changes in the taxation of business and personal income that are intended to increase the rate of capital formation, thereby stimulating productivity and the rate of economic growth. The most im-portant business tax change is ...

THE TAX EQUITY AND FISCAL RESPONSIBILITY ACT OF …
On August 13, 1981, President Reagan signed into law the Economic Recovery Tax Act of 1981, widely heralded as the biggest tax cut in history. On September 3, 1982, the President signed the Tax Equity and Fiscal Responsibility Act of 1982, which the press began referring to as the biggest tax increase in history.

EFFECTS OF THE 1981 TAX ACT ON THE DISTRIBUTION …
JLn the Economic Recovery Tax Act of 1981 (ERTA), the Congress lowered the top marginal tax rate on individual income from 70 to 50 percent, reduced other marginal tax rates by 23 percent over a three-year period, and enacted a

The Development of the Economic Recovery Tax Act of 1981 …
Through the use of qualitative and quantitative data, this paper traces the development of the Economic Recovery Tax Act of 1981 by reviewing the political and economic events, forces, and factors that led to its development and the rhetoric that accompanied its enactment.

Safe Harbor Leasing, and - Internal Revenue Service
Provisions enacted by the Economic Recovery Tax Act of 1981 substantially liberalized traditional leasing rules under which businesses were required to operate for Federal tax purposes, making it possible for both the lessor and lessee to maximize the benefits of depreciation deductions and tax credits associated with owning property.

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important objectives of economic policy. By maintaining price stability, policy makers are able to reduce uncertainty, improve

Economic Recovery Tax Act Apush Definition
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Economic Recovery Tax Act Apush Definition
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Economic Recovery Tax Act Apush Definition (PDF)
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Treasury Decision 8455 - bradfordtaxinstitute.com
amended by the Economic Recovery Tax Act of 1981, were published in the Federal Register on January 6, 1987. General Description of Changes Made to Section 179 by the Tax Reform Act of 1986, the ... the definition of section 179 property was amended to require that the property be purchased for use in "the active conduct of" a trade or business ...

Document A: Reaganomics
APUSH Document A: Reaganomics Historical Context The ascendancy of conservatism in the 1980's can be partially attributed to the economic "stagflation" of the Carter years. Reagan rejected the Keynesian economic theories in vogue since the New Deal era in favor of supply-side economic theory. Instead of moderate tax cuts and

Economic Opportunity Act Apush Definition (PDF)
Economic Opportunity Act Apush Definition: The Real Majority Richard M. Scammon,Ben J. Wattenberg,1970 Copies 1 2 located in circulation The Other America Michael Harrington,1997-08 Examines the economic underworld of migrant farm workers the aged minority groups and other economically underprivileged groups Wealth Against Commonwealth Henry ...

The Development of the Economic Recovery Tax Act of …
cuts and favorable treatment of capital, and the Tax Reform Act of 1986 (TRA), which included a major overhaul of the tax code. For the highest earners, the Economic Recovery Tax Act of 1981 and the Tax Reconciliation Act of 1986 reduced the income tax rate by over 40 percent. Additionally, the preferential treatment of capital gains and

National Recovery Administration Apush Definition
economic institutions stood up under the strain, how economic development influenced outcomes and how wartime experience influenced post-war economic growth. Leading international experts provide the first systematic comparison of economies at war between 1914 and 1918 based on the best available data for Britain, Germany, France, Russia, the USA,

BACKGROUND AND PRESENT LAW RELATING TO COST …
A. Economic and Tax Cost Recovery 1. Background Economic depreciation Cost recovery refers to the process by which a taxpayer recoups the cost of its investment in business or other income-producing property. The Federal income tax law permits this recoupment through the allowance of deductions for depreciation or amortization, or expensing

Taxation: The Economic Recovery Tax Act of 1981: Its Estate, …
The Economic Recovery Tax Act of 1981 ("ERTA" or the "Act")' was enacted August 13, 1981. It . made extensive reforms in both transfer and income taxes that will significantly affect many taxpayers. Per­ ...

INCOME, TAXES, AND TAX PROGRESSIVITY: AN …
gross income (AGI), was designed to facilitate tax admin-istration, and its definition has changed over time to re-flect modifications to the Internal Revenue Code. The new tax laws of the 1980’ s and 1990’ s, including the Economic Recovery Tax Act of 1981 (ERTA), the Tax Reform Act of 1986 (TRA), the Revenue Reconciliation Act of 1990 ...

A Brief Historical Overview of Affordable Rental Housing
a part of the “Housing and Economic Recovery Act.” In 2016, states received their first allocation of HTF dollars. Outside of the HTF, no significant federal investment in new housing affordable to the lowest income people has been made in more than 30 years, and the shortage of deeply affordable, available housing has only gotten worse.

RUMINATIONS ON THE 1986 ACT - JSTOR
fundamental tax reform. THE ECONOMIC AND POLITICAL ENVIRONMENT Setting The Stage: The 1981 Act To understand the economic and political environment in which tax reform occurred it is necessary to begin with salient features of the Economic Recovery Tax Act of 1981 (ERTA), a point that Minarik (1987) and Steuerle (1992) emphasize. First, ERTA ...

SECTION 1. PURPOSE - Internal Revenue Service
these bonds for authorized purposes to promote economic recovery and job creation. SECTION 2. RELEVANT PROVISIONS 2.1 Introduction. Section 1531 of Title I of Division B of the American Recovery and Reinvestment Act of 2009, Pub. L. No. 111-5, 123 Stat. 115 (2009) (enacted February 17, 2009)

Economic Opportunity Act Apush Definition Copy
Economic Opportunity Act Apush Definition: The Real Majority Richard M. Scammon,Ben J. Wattenberg,1970 Copies 1 2 located in circulation The Other America Michael Harrington,1997-08 Examines the economic underworld of migrant farm workers the aged minority groups and other economically underprivileged groups Wealth Against Commonwealth Henry ...

The Economic Recovery Tax Act of 1981 and Corporate …
The Economic Recovery Tax Act of 1981 and Corporate Capital Structure Eugene Pilotte Eugene Pilotte is an Assistant Professor of Business Administration at the University of Wyoming, Laramie. N Miller [11] includes personal and corporate taxes but not nondebt tax shields in his model of the firms' capital structure decision. On the contrary ...

the Economic Recovery and Tax Act - JSTOR
the Economic Recovery and Tax Act of 1981 The Economic Recovery and Tax Act of 1981 significantly changed the federal income tax system. Indexing of tax brackets and exemptions for inflation was scheduled to begin in 1985. Estate and gift taxes were virtually eliminated, marriage penalties were removed, and several

Frequently Asked Questions on Build America Bonds and
Recovery Zone Economic Development Bonds The American Recovery and Reinvestment Act of 2009 (ARRA) created several new types of tax-exempt bonds and qualified tax credit bonds under the Internal Revenue Code (the “Code”). Below are the answers to the most frequently asked questions regarding some of these new types of bonds. This set of

MARITAL DEDUCTION FORMULA CLAUSES AFTER THE
The Economic Recovery Tax Act of 1981 (ERTA) provides for an unlim ited marital deduction with respect to the estates of decedents dying after December 31,1981 for "the value of any interest in property which passes or has passed from the decedent to his surviving spouse, but only to the

IMPACT OF THE 1981 PERSONAL INCOME TAX REDUCTIONS …
The Economic Recovery Tax Act of 1981 made major changes in the structure of the personal income tax, including: rate reductions of 5 percent on October 1, 1981, 10 percent on July 1, ... (NIA) definition of personal income would generally be the preferred concept for measuring and comparing income distribution because, except in the treatment ...

Testimony before the Joint Economic Committee
On August 13th, 1981, President Reagan signed into law the Economic Recovery Tax act of 1981 that drastically reduced the tax burden on Americans. And while these cuts would be pared back in 1982, the majority of cuts survived. The economic revival that followed was tremendous, as Senator Gramm recently detailed in the Wall Street Journal.

CHAPTER 1 General Explanation and Brief History of the …
1.04 History of the Historic Tax Credit 29 [1] Tax Reform Act of 1976 29 [2] Revenue Act of 1978 29 [3] Economic Recovery Tax Act of 1981 29 [4] Tax Reform Act of 1986 30 [5] Gulf Opportunity Zone Act of 2005 30 [6] Housing and Economic Recovery Act of 2008 31 [7] Heartland Disaster Tax Relief Act of 2008 32 1.05 2017 Tax Reform Legislation 32

TITLE I—AMENDMENTS RELATED TO ECONOMIC RECOVERY …
ECONOMIC RECOVERY TAX ACT OF 1981 SEC. 101. AMENDMENTS RELATED TO TITLE I OF THE ACT. (a) AMENDMENTS RELATED TO SECTION 101.— 95 Stat. 176. (1) EFFECTIVE DATE FOR AMENDMENT TO SECTION 21.—Para­ graph (1) of section 101(f) of the Economic Recovery Tax Act of 1981 (relating to effective dates for rate cuts) is amended by 95 Stat. 185.

The California R&D Tax Credit: Description, History, and …
1 The definition of qualified research expense is quite complex in fact, but it generally includes the wages and salaries, leasing expenses, supplies, and 65% of the contract research expense that is incurred in performing research ... The federal Research and Experimentation (R&E) tax credit was introduced in the Economic. California. R R ...

Fact Sheet: Health and Economic Recovery Omnibus …
The second is the Coronavirus Aid, Relief, and Economic Security Act (H.R. 748 - CARES) Act. On May 15, the House of Representatives passed a third comprehensive stimulus bill called the Health and Economic Recovery Omnibus Emergency Solutions Act (HEROES Act – H.R. 6800) by a vote of 208 – 199 and largely along party lines.

STATE OF NEW YORK PUBLIC SERVICE COMMISSION
REQUIREMENTS OF THE ECONOMIC RECOVERY TAX ACT OF 1981 (Issued January 13, 1982) On October 9, 1981, we issued for comment a staff . memorandum describing the provisions of the Economic Recovery . Tax Act of 1981 (ERTA or the Act). The main feature of the . Act is the Accelerated Cost Recovery System (ACRS), which

Oregon Tax Law Changes 1980 to 2014
Many features of the Tax Reform Act of 1986 first took effect in 1987. Some key features of the law included: The number of tax brackets was reduced from 15 to five. Tax rates, which had ranged from 11 percent to 50 percent, were reduced to between 11 and 38.5 percent. The personal exemption was increased from $1,080 to $1,900.

and the Real Estate Industry: Lessons for Today - Tax …
The Nature of the 1980s’ Tax Reforms on Cost Recovery for Structures The Economic Recovery Tax Act (ERTA) of 1981 created the Accelerated Cost Recovery System (ACRS), allowing companies to deduct the cost of their investments faster than under previous law. The law shortened the recovery periods of both commercial real estate and residential ...

The California R&D Tax Credit: Description, History, and …
1 The definition of qualified research expense is quite complex in fact, but it generally includes the wages and salaries, leasing expenses, supplies, and 65% of the contract research expense that is incurred in performing research ... The federal Research and Experimentation (R&E) tax credit was introduced in the Economic. California. R R ...

TAX POLICY AFTER CORONAVIRUS - Tax Foundation
to long-term economic recovery and growth. Clearing the Tax Path for State Economic Recovery When the immediate health crisis abates, states will be forced to grapple with depleted reserves and reduced revenues, while simultaneously seeking to adopt policies that will help enable—or at least not inhibit—an economic recovery.

The Tax Laws (Amendment) Act, 2020 - KPMG
The proposed reduction of the corporation tax rate is a welcome move for resident companies, even though it has been watered down by the increase in withholding tax on dividend payments to non-residents. The corporate tax rate for non-resident companies remains at 37.5%. Tax Laws (Amendment) Act Analysis 5 Deleted exemption provisions

BACK TO THE FUTURE - THE MARITAL DEDUCTION FROM …
The Economic Recovery Tax Act of 1981 (ERTA) established not only the concept of the unlimited marital deduction, but also the concept of qualified terminable interest property (QTIP)1, both of which constituted major philosophical as well as legal changes in the taxation of estates of married decedents.

IMPACT OF THE ECONOMIC RECOVERY TAX ACT ON STATE …
May 25, 1981 · the Economic Recovery Tax Act of 1981 (ERTA). Signed into law by President Reagan in August 1981, the act makes major changes in the taxation of business and personal income that are intended to increase the rate of capital formation, thereby stimulating productivity and the rate of economic growth. The most im-portant business tax change is ...

South African Economic Reconstruction and Recovery Plan
infrastructure led economic reconstruction and recovery with investment in infrastructure that will stimulate the various sectors of the economy. To support economic reconstruction and recovery, the following structural reforms will be implemented: • Modernizing and reforming network industries and associated state owned enterprises;

A Preliminary Assessment of the American Recovery and …
Jan 4, 2013 · The American Recovery and Reinvestment Act of 2009 ( “Recovery Act”)providedawide array of policy instruments to stimulate the US economy and establish a robust foundation for long-term economic growth, including a payroll tax rebate to increase household disposable

U.S. Department of Housing and Urban Development Office …
Economic development increasingly is a major objective in CDBG programs. In this context, communities may perceive effective ways to tie in preservation objectives with economic development and attain the advantages of rehabilitating older structures. Such approaches also provide job opportunities in rehabilitation and preservation phases of

This PDF is a selection from an out-of-print volume from the …
Whatever its definition, however, the supply-side clearly propelled policymakers into the Economic Recovery Tax Act of 1981 as well as the additional marginal rate reduction of the Tax Reform Act of 1986. Second, the 1980s have been characterized by persistent large government deficits.

The Schanz Concept of Income and the United States
13 This was introduced by the 1982 Tax Equity and Fiscal Responsibility Act - a marvellously reassuring title for a tax bill, even better than that of the 1981 tax act: The Economic Recovery Tax Act. For an analysis of these acts, "TEFRA" and "ERTA", see C.S. Shoup, "The United States Economic Recovery Tax Act of 1981"

Tax measures for economic recovery - World Bank
Tax measures for economic recovery.. and more International Experiences and Implications for Vietnam. My key messages 1. Vietnam has been hit by its biggest economic shock of the past 50 years. 2. Tax policy can protect people and businesses, boost consumption and productive activities, and rebalance

An Agricultural Law Research Article - National Agricultural …
EcONOMIC RECOVERY ACT OF 1981, August 3, 1981, at B-l. 11 . U.S. COUNCIL OF ECONOMIC ADVISORS, EcONOMIC REPORT OF THE PRESIDENT, 1981 Table B-70, at 315. This report, prepared before the enactment of ACRS in ERTA, estimated that revenues from the corporate income tax would be approximately the same amount. !d.

AP U.S. History - AP Central
religious, political, and economic competition and changes within European societies. A. European nations’ efforts to explore and conquer the New World stemmed from a search for new sources of wealth, economic and military competition, and a desire to spread Christianity. B. The Columbian Exchange brought new crops to Europe from the Americas,

NBER WORKING PAPER SERIES ECONOMIC EFFICIENCY IN …
The Economic Recovery Tax Act of 1981 reduced personal marginal tax rates and provided significant business tax breaks. Subsequent changes through 1985 cut back on business allowances. The Tax Reform Act of 1986 reduced marginal rates again, but added significantly to business taxes. Was there any unifying theme to

Lessons from the American Recovery and Reinvestment Act …
state and local governments in economic downturns. The American Recovery and Reinvestment Act of 2009 (ARRA) was the largest of such efforts until responses to the COVID-19 pandemic, which include the Coronavirus Aid, Relief, and Economic Security (CARES) Act and the American Rescue Plan Act (ARPA).

How the American Recovery and Reinvestment Act of 2009 …
OnThe FrontLines HowTheAmerican Recovery an·· Act of 2009 Changed HIPAA's Requirements by Corrine ~ Parver, Esq.&Savannah Thompso The 2009 economic stimulus bill, kn vestment Act (ARRA),l significantly at e morestringent and expansive requirementsu the Health Insurance Portabil- ity and Accountability Act of 1996 (HIPAA)2privacy and security provisions, most …

Contents
[3] Economic Recovery Tax Act of 1981 27 [4] Tax Reform Act of 1986 28 [5] Gulf Opportunity Zone Act of 2005 28 [6] Housing and Economic Recovery Act of 2008 29 [7] Heartland Disaster Tax Relief Act of 2008 30 1.05 2017 Tax Reform Legislation 30 [1] Statutory Changes to Section 47 (Direct Effects) 30 [2] Effects to Historic Tax Credit from ...

New Jersey Economic Recovery Act of 2020 creates a new …
Deloitte Tax LLP I January 13, 2021 Overview On January 7, 2021 Governor Murphy signed into law The New Jersey Economic Recovery Act of 2020 ("A4"), which provides for new economic development incentive programs and makes modifications to certain legacy programs. The new law puts greater emphasis on job creation and redevelopment instead of

Frequently Asked Questions on Build America Bonds and …
The American Recovery and Reinvestment Act of 2009 (ARRA) created several new types of tax-exempt bonds and qualified tax credit bonds under the Internal Revenue Code (the “Code”). Below are the answers to the most frequently asked questions regarding some of these new types of bonds. Build America Bonds & Recovery Zone Economic Development

the Economic Recovery and Tax Act - JSTOR
the Economic Recovery and Tax Act of 1981 The Economic Recovery and Tax Act of 1981 significantly changed the federal income tax system. Indexing of tax brackets and exemptions for inflation was scheduled to begin in 1985. Estate and gift taxes were virtually eliminated, marriage penalties were removed, and several

Economic Recovery Learning Agenda - U.S. Department of …
Appropriations Act of 2021, and the American Rescue Plan Act, as well as other legislation. 2 OMB M-19-23, Appendix B: Further Guidance on Learning Agendas ... This ORP economic recovery learning agenda is designed to identify the important research questions ... definition of equity, more details on ORP programs’ evaluation priorities, and ...

THE TAX EQUITY AND FISCAL RESPONSIBILITY ACT OF …
1982 FEDERAL TAX CHANGES Tuesday, October 26, 1982, 8:45 a.m. Thomas F. Field, presiding. THE TAX EQUITY AND FISCAL RESPONSIBILITY ACT OF 1982 AS HARBINGER Bruce F. Davie Chief Tax Economist Committee on Ways and Means U.S. House of Representatives On August 13, 1981, President Reagan signed into law the Economic …

National Industrial Recovery Act Apush Copy
National Industrial Recovery Act Apush ... web although there is no true definition for acute and chronic wounds it is widely accepted that the following is true acute wounds progress through the normal stages of wound healing and show definite signs of healing within four weeks while

ACCELERATED DEPRECIATION I THE NEW ECONOMICS OF
The Economic Recovery Tax Act of 1981' (ERTA) included several significant changes in the tax law that together represented the most substantial ... 1980 if that property fits within the definition (contained in I.R.C. 5 168(c) (West Supp. 1982)) of "recovery property." See also infra notes 19-23 and accompanying text.

The Schanz Concept of Income and the United States
13 This was introduced by the 1982 Tax Equity and Fiscal Responsibility Act - a marvellously reassuring title for a tax bill, even better than that of the 1981 tax act: The Economic Recovery Tax Act. For an analysis of these acts, "TEFRA" and "ERTA", see C.S. Shoup, "The United States Economic Recovery Tax Act of 1981"