Reagan’s Economic Legislation And Other Economic Measures

Question 1

When was the Economic Recovery Tax Act (ERTA)

Answer 1

13 August 1981

Question 2

What was the Economy Recovery Tax Act (ERTA)?

Answer 2

• Cuts marginal income tax by 23% over three years

- Links the tax bands to inflation and offers other incentives

Question 3

When was the Omnibus Reconciliation Act (ORA)?

Answer 3

13th August 1981

Question 4

What was the Omnibus Reconciliation Act (ORA)?

Answer 4

• Proposes a variety of tax cuts that will take $35 billion out of federal spending
• The initial bill presented by the White House had proposed $45 billion-worth of cuts

Question 5

When was the Tax Equity and Financial Responsibility Act (TEFRA)?

Answer 5

3 September 1982

Question 6

What did the Tax Equity and Financial Responsibility Act (TEFRA) do?

Answer 6

• Makes changes to the budget in response to the economic situation
• Tightening up tax rules, especially for businesses
• Temporarily raises taxes on cigarettes and the telephone service

Question 7

When was the Consolidated Omnibus Budget Reconciliation Act (COBRA)?

Answer 7

7 April 1986

Question 8

What was the Consolidated Omnibus Budget Reconciliation Act (COBRA)?

Answer 8

• Revises the budget in many minor ways to save the federal government money and to move costs to state private bodies
• Shifts many healthcare payments from the federal government to the employer

Question 9

When was the Tax Reform Act?

Answer 9

22nd October 1986

Question 10

What was the Tax Reform Act?

Answer 10

• Revises the tax codes, reducing the number of tax brackets

- is supposed to close a lot of tax evasion loopholes and ease the pressure on poorer families