Economic Recovery Tax Act of 1981 Definition

Economic Recovery Tax Act of 1981

Definition

ERTA. A federal law that reduced income tax rates and provided incentives for businesses, including an adjustment to depreciation rates. It was signed by President Ronald Reagan in 1981. The law ultimately increased the federal budget deficit, and prompted some of ERTA to be reversed or reviewed in the Tax Equity and Fiscal Responsibility Act of 1982.

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Review the unprecedented moves the Fed & Treasury took to bring the financial markets back from the precipice