0
It was an act "to amend the Internal Revenue Code of 1954 to encourage economic growth through reductions in individual income tax rates, the expensing of depreciable property, incentives for small businesses, and incentives for savings, and for other purposes".
Wiki User
∙ 9y ago
Add your answer:
Earn +20 pts
When was the Economic Recovery Tax passed?
The Economic Recovery Tax was passed in 1981
What did Reaganomics's do?
Reaganomics is the program of austerity put in place by the Economic Recovery Tax Act of 1981. It included a 20-percent cut in the top income tax rate (from 70 to 50 percent) and drastic cuts in non-defense government spending. Reaganomics caused an 18-month contraction of the economy and the highest U3 unemployment rate, 10.8 percent, ever recorded since the government started calculating it. Reaganomics didn't work; in 1982 the government enacted a law called the Tax Equity and Fiscal Responsibility Act that repealed a lot of the Reaganomics reforms. They did not, however, repeal the tax cuts, and they should have. The selling point of tax cuts is that by cutting taxes on rich people they will create jobs and new products and bring more revenue into the government than you would have had at the old tax rates. This selling point ignores something that is crucial to destroying it: no businessman creates a job unless he has work for that person to do.
Do we pay taxes on 250.00 social security stimulus check?
Not taxable. But the 250 economic recovery rebate amount that you received in the year 2009 from the SSA is reported on the schedule M of the 1040 income tax return.
What were two major components of Ronald Reagan's economic plan?
Reagan's domestic economic policy centered on the "Trickle Down" policy -- reduce or eliminate regulations on businesses and give tax breaks to the highest economic earners, and the benefits would trickle down to the lower economic classes. Unfortunately, Reagan forgot to take into account the reason that the top economic class is rich: They keep their wealth and accumulate more while spending the least possible. With deregulation, the CEO's found even more loopholes to save on the taxes they weren't paying. The Trickle Down theory was also known as "Reaganomics."
What is a tax cut?
A tax cut is the act of reducing taxation.
When was the Economic Recovery Tax passed?
The Economic Recovery Tax was passed in 1981
The economic recovery tax act of 1981 increased taxes on business true or false?
False
What was the result of the economic recovery act of 1981?
The wealthiest Americans received the largest tax cuts.-grad point
What was resulted from the Economic Recovery Act of 1981?
The wealthiest Americans received the largest tax cuts.-grad point
At the beginning of Ronald reagans first term as president in 1981 the US congress did what?
Ronald Reagan was one of the most interesting Presidents the United States had during the 80s and 90s. At the beginning of his first term in 1981, Congress passed the Economic Recovery Tax Act.
What has the author A Gene Nelson written?
A. Gene Nelson has written: 'Custom rates for farm machinery in the Oregon Columbia Basin counties' -- subject(s): Costs, Farm equipment, Agricultural machinery 'Setting farm business goals' -- subject(s): Farm management, Farm ownership 'Understanding the Tax Reform Act of 1986' -- subject(s): Income tax, Law and legislation, Taxation, United States 'Economic Recovery Act of 1981' -- subject(s): Income tax
What did the Economic Recovery Tax offer?
It offered incentives to companies that invested in the modernization and expansion of production facilities
What is the American Recovery and Investment Act?
The American Recovery and Reinvestment Act of 2009 (ARRA) is a $787 billion economic stimulus package signed into law by President Barack Obama on Feb. 17, 2009. A percentage of the package targets spending (contracts, grants, and loans) and the rest includes tax cuts and entitlements such as Medicaid and Social Security Administration payments.
What has the author Timothy P Roth written?
Timothy P. Roth has written: 'Information, ideology, and freedom' -- subject(s): Budget deficits, Economic policy, Income tax, Representative government and representation 'An economic analysis of the Reagan program for economic recovery' -- subject(s): Economic policy, Taxation, United States, United States. President (1981- : Reagan), United States. President (1981-1989 : Reagan) 'Marginal tax rates, saving, and federal government deficits' -- subject(s): Saving and investment, Taxation 'Equality, Rights and the Autonomous Self' 'The present state of consumer theory' -- subject(s): Consumption (Economics)
Will the stimulus apply to 2008 if you didn't file for 2007?
The IRS referred to 2007 tax returns for determining eligibility and the amount of 2008 economic stimulus payments. Eligible individuals were given an extended deadline of October 15, 2008, in which to file their 2007 returns in order to receive 2008 economic stimulus payments. The Recovery Rebate Credit for 2008 tax returns is for people who didn't receive the full economic stimulus payment ($600.00 per taxpayer, $1,200.00 Married Filing Jointly) but who might be eligible now for some or all of the unpaid portion. But if you didn't file a 2007 tax return by October 15, 2008, then you're not eligible for the Recovery Rebate Credit for 2008 tax returns. Recovery Rebate Credits won't be mailed as separate checks, as the 2008 economic stimulus payments were. They'll be added into taxpayers' refunds.
How do you check your work schedule?
On the schedule M form of my 1040 tax return, I checked no to this question " did you receive an economic recovery payment in 2009. When I submit this to IRS , it came back rejected each time . I did not get any recovery payment in 2009. What do I do from here?
Which act put a tax on all legal documents?
That could be a stamp tax, conveyance tax or excise tax.
